Diplomatic relations between Vietnam and Japan were officially established in 1973. Up to now, the relationship between the two countries has developed rapidly in many fields and has entered a new phase in terms of quality and depth. Political-economic relations, cultural exchanges are constantly expanding; has formed a relational framework at the macro level; the understanding between the two countries is constantly increasing.
According to the Foreign Investment Department - Ministry of Planning and Investment, in the first 6 months of 2021, there were 33,787 projects from 140 countries and territories invested in Vietnam with a total capital of 397.89 billion USD. In which, Japan is the second largest foreign investment partner with 4,716 valid projects, a total registered investment capital of more than 63 billion USD.
In June 2021, Japan invested in 86 new investment projects with a total newly granted, adjusted and contributed capital to buy shares of 2.44 billion USD, up 66.8% over the same period last year, ranking second out of 80 countries and territories investing in Vietnam. Japanese FDI projects are gradually building strategic supply chains in Vietnam.
O Mon II thermal Power Plant Project. (Source: Internet)One of 86 projects that Japan has invested in Vietnam must include the "giant" project: O Mon II Thermal Power Plant Project with a total registered capital of over 1.31 billion USD, with the goal of building a thermal power plant to meet the electricity supply demand for the regional grid and the national power system in Can Tho. The project was issued an Investment Registration Certificate on January 22, 2021 and has made a big mark in the Japanese investment process in Vietnam.
In the first months of 2021, Vietnam witnessed a number of cases of Covid-19 infection in the community. In this situation, Japan still promotes investment in Vietnam, mainly in the form of new investment, accounting for 67.8% of Japan's total registered capital. In the past 6 months, Japanese investors have also increased their investment in buying shares of Vietnamese enterprises. This shows that Vietnam is one of the interested markets for Japan. Besides, Japanese investment projects and the implementation of social responsibility have made an important contribution to the socio-economic development of Vietnam.