Vietnam and Japan promote cooperation agreements

Vietnam and Japan exchanged six cooperation agreements as part of the official visit to Vietnam by Japanese Prime Minister Takaichi Sanae from May 1-3.

They combine the loan agreement for an initiative on disaster resilient rural development between the Vietnamese government and the Japan International Cooperation Agency (JICA); and the loan agreement for the project on climate resilient infrastructure development to support production for ethnic residents in northern mountainous provinces between the Vietnamese government and the JICA.

The two parties also signed an MoU on cooperation in low-carbon growth regarding the Joint Credit Mechanism.

Another thing is the MoU on cooperation in technological and technical exchanges in the hydraulic field between the Department of Hydraulic Works Management and Construction under the Ministry of Agriculture and Environment of Vietnam and the Rural Development Bureau under the Ministry of Agriculture, Forestry and Fisheries of Japan.

Furthermore, the Ministry of Science and Technology of Vietnam and the Ministry of Internal Affairs and Communications of Japan exchanged a MoU on cooperation in IT, communication, and digital transformation.

In addition, the Vietnam National Space Centre under the Academy of Science and Technology of Vietnam and the Aerospace Exploration Agency of Japan signed an agreement on satellite data exchange.

Along with the above cooperation agreements, the two sides agreed to target Japanese investment in Vietnam of $5 billion per year at an early date and bilateral trade of $60 billion by 2030.

They also agreed to encourage Japanese enterprises to invest in high-technology projects with technology transfer, to support Vietnamese businesses investing in Japan, and to ensure market access for agricultural products.