Hanoi (VNA) - As one of the effective dialogue channels, the Vietnam - Japan Joint Initiative (VJJI)  has contributed to improving the domestic business and investment environment, and raising investor confidence, including those from Japan, said Minister of Planning and Investment Nguyen Chi Dung.

Addressing a high-level economic seminar  between Vietnam and Japan on March 7 in Hanoi, Minister Dung said from these results, Japanese investors are confident about investing anew and expanding existing investment in Vietnam.

He affirmed that after more than 20 years of implementation, the initiative has had a great and multifaceted impact, and has been welcomed by the investor community, especially Japanese investors.

It is seen as one of the most effective dialogue and cooperation forums of the Vietnamese Government, he noted.

With the goal of becoming an upper middle-income country by 2030, Vietnam is focusing on applying science and technology; promoting innovation, digital transformation, green and circular economic development, and the knowledge economy, Dung said.

Vietnam wants to work in unison with the business community, especially Japanese firms that have great potential and are suitable for priority areas of the Vietnamese Government, he added, suggesting Japanese businesses participate more deeply in the policy consultation process through the initative.

Japanese businesses can propose Vietnam's policy development, focusing on issues related to technology transfer, digital transformation, green technology and innovation, and become more deeply involved in the implementation of mechanisms and policies, he said.

The VJJI was launched in April 2003 as a special cooperation mechanism between the Vietnamese and Japanese Governments. It serves as a policy dialogue forum between Japanese investors and relevant Vietnamese ministries and agencies, where proposals are made to help competent Vietnamese agencies fine-tune laws and policies.

As many as 84% of the workload was completed well and on schedule in the VJJI Phase VIII, which focuses on 11 groups of issues. Because the global economy was seriously affected by the COVID-19 pandemic, especially disruptions in supply chains, Vietnam and Japan agreed to add three new groups of issues.

Over the past 20 years, many legal documents have been amended and issued, and various policy recommendations of the Japanese side put into consideration by Vietnamese ministries and agencies to report them to competent authorities during law and policy perfection and enforcement.

Japan has set forth a report proposing policies in an effort to promote investments by small- and medium-sized enterprises, the key players in Vietnam’s support industries.

Vietnam has been among the top 20 countries worldwide in terms of FDI attraction, which sees the remarkable contributions by Japanese firms through the initiative.

Japan has run nearly 5,000 projects in the Southeast Asian nation with a total registered capital of about 70 billion USD.

Meanwhile, Vietnam has 104 investment projects in Japan with registered investment capital of 19.2 million USD.

According to the latest survey by the Japan External Trade Organisation (JETRO), up to 60% of Japanese enterprises plan to expand their business in Vietnam./.