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Japan, Vietnam work together for promotion textile industry

YarnsandFibers News Bureau 2016-03-23 12:00:00 – Hanoi

At a joint committee meeting between Japan and Vietnam in Hanoi on Saturday, the two countries agreed to work together for the promotion of the textile industry in Vietnam. The agreement is aimed at dealing with an expected increase in Vietnamese textile exports to the United States once the Trans-Pacific Partnership free trade agreement enters into force.

Japan, Vietnam and the United States are among the 12 nations that signed the TPP deal earlier this year.

Regarding cooperation in Industry, Trade and Energy, the two countries also agreed to start an industrial policy dialogue at an early date and discuss specific measures.

Economy, Trade and Industry Minister Motoo Hayashi expressed Tokyo’s hope of expanding bilateral trade and promoting Japanese companies’ investment in Vietnam.

By using this committee as a springboard, they want to advance economic relations between Japan and Vietnam to a new stage.

The two countries’ governments agreed in July last year to establish the committee for strengthening bilateral economic cooperation.

Hayashi became 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.

On Saturday, Hayashi met with Vietnamese Deputy Prime Minister Nguyen Xuan Phuc, who is set to become prime minister, and exchanged opinions about the strengthening of the two countries’ relations based on their strategic partnership.

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