Japan has reassured Vietnam of its support towards the promotion of Vietnam’s textile industry at a high-level meeting held in Hanoi recently. The two TPP members – Japan and Vietnam – had earlier decided to join hands in developing the latter’s textile industry.
The recent meeting was aimed at reaffirming Japan’s commitment while assuring Vietnam its support in handling the pressure of exports to the Unites States that is expected to rise once the Trans-Pacific Partnership comes into force.
Japan, Vietnam and the United States are among the 12 nations that signed the TPP deal earlier this year. The other countries are Australia, Peru, Malaysia, New Zealand, Chile, Singapore, Canada, Mexico, and Brunei Darussalam.
At the first meeting of the Joint Committee between Japan and Vietnam on Cooperation in Industry, Trade and Energy, the two countries had also agreed to start an industrial policy dialogue at the earliest to discuss their specific measures to tackle the surge in exports. The two nations’ governments had, back in July last year, agreed to establish the committee for strengthening bilateral economic cooperation.
Also Read – Japanese investments gain pace in Vietnam post TPP
Expressing Tokyo’s hope of expanding bilateral trade and promoting Japanese companies’ investment in Vietnam, Economy, Trade and Industry Minister Motoo Hayashi said, “By using this committee as a springboard, we want to advance economic relations between Japan and Vietnam to a new stage.”
On Saturday, Hayashi met Vietnamese Deputy Prime Minister Nguyen Xuan Phuc, who is gearing up to become the prime minister, and discussed several issues, including strengthening of the two countries’ relations based on their strategic partnership.
Hayashi is the first Japanese Cabinet minister to visit Vietnam after the country’s ruling Communist Party unveiled its new leadership at the 12th National Congress in January.
