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Despite a number of difficulties Vietnam still attracts special attention from Japanese businesses.

The statement was affirmed by Japanese businesses at the fourth joint Japan-Vietnam Economic Conference held in Tokyo, Japan on May 30 by the International Friendship Exchange Council and the Vietnamese Embassy in Japan.

Present at the conference were more than 100 Japanese businesses and Vietnamese Minister of Planning and Investment, Vo Hong Phuc and Vietnamese ambassador to Japan, Nguyen Phu Binh as two main speakers.

Minister Phuc said Vietnam was facing a high rate of inflation, huge trade deficits and budget overspending. At the moment, its priority is given to controlling inflation and stabilising macroeconomy. However, he affirmed that the country would be back on track as of 2012.

Japanese participants in the conference expressed their keen interest in the Vietnamese market.

Fukuda from the Shinkin Credit Fund said Vietnam was one of important destinations in the “China plus 1” strategy, which will help Japanese businesses reduce their risks of investing in China.

Japanese former ambassador to Vietnam Norio Hattori, said the investment relations between the two countries were not yet commensurate with their fine traditional relations. Hattori said this was due to lack of advertising and promotion of Vietnam’s investment environment as well as policies to attract investment, especially in high-tech and supporting industries.

Minister Phuc affirmed that the Vietnamese government will consider amending laws and offering specific incentives.