Tokyo (VNA) – An investment promotion conference washeld in Tokyo on July 1 where Prime Minister Nguyen Xuan Phuc said Vietnam willbe the “promised land” for Japanese investors.

The event, part of PM Phuc’s visit to Japan, wasattended by representatives of about 1,200 businesses from both countries.

In his speech, the Vietnamese government leadersaid Vietnam has stable politics and society, trade advantages, and an importantgeo-political and economic position in the region and the world.

With an economic growth rate of 7.08 percent in2018, Vietnam was one of the fastest growing countries in the world. Withexport revenue approximating 500 billion USD, it was also among the 25 largesttrading economies, he noted, adding that Vietnam attracted more than 35 billionUSD of foreign investment in 2018.

The PM also highlighted the signing of the freetrade agreement and the investment protection agreement between Vietnam and theEU on June 30.

He added Vietnam is striving to makebreakthroughs in institutional reforms, governance capacity improvement,environmental standard upgrade, human resources training, along withinfrastructure and logistics development, so as to promote its competitivenessand create the best possible environment for investors.

[Photos: Prime Minister Phuc's activities in Japan]

PM Phuc suggested Japanese firms invest incertain fields in Vietnam, including processing; manufacturing; clean andhi-tech agriculture – which he described as an “export gold mine”; and energy,especially green and renewable energy, which is in great demand in the country.

Another potential field is tourism, he said,noting that Vietnam ranks sixth among the 10 tourist destinations with thefastest growth rates in the world as the number of foreign visitors to thecountry increases by 30 percent annually.

Tens of billions of USD has been invested inthis industry in the Southeast Asian nation, which is forecast to possiblybecome a “tourism giant” in the world. However, Japanese investors are somewhatlagging behind in the development of resort and tourism areas here, he said.

At the event, PM Phuc particularly askedJapanese investors to increase investing in infrastructure development,especially key facilities, in Vietnam. He also suggested them pay attention tothe Vietnamese retail market, which is valued at over 150 billion USD, with apopulation of nearly 100 million and a fast rising middle class.

The Government leader also described digitaltrade as a hugely potential area in Vietnam, whose internet economy is worth 9billion USD, expanded by 35 percent annually between 2015 and 2018, andaccounts for 4 percent of the GDP – the highest rate among ASEAN economies. Thevalue of the Vietnamese internet economy is predicted to hit 33 billion USD by2025.

He stressed that the Vietnamese Government andall-level administrations will always listen to Japanese investors’ opinions soas to promptly address problems facing them and make the local investmentclimate more attractive to global investors, including those from Japan.

The Vietnamese Government considers Japanesebusinesses a leading partner in national development, PM Phuc added.

At the conference, PM Phuc and officials of thetwo countries witnessed the presentation of 32 investment certificates andmemoranda of understanding on cooperation between Vietnamese localities andbusinesses and Japanese investors. The documents, worth over 8 billion USD intotal, are in multiple spheres such as in real estate, infrastructure, retailservices, apparel, high technology, energy, aviation, transportation,logistics, labour export, education and health care.

Also on July 1, PM Phuc attended a ceremony inTokyo marking 25 years since the launch of the first Vietnam-Japan air route ofthe national flag carrier Vietnam Airlines.-VNA