Vietnam with its transitional economy required a new tool: economic forecasting. The objective of this program was to find on what condition the Vietnamese Government would be able to establish an economic forecasting center. Entrusting it to Japan Research Institute, SPAF formed a study mission and carried out a feasibility study in Vietnam in February 1995. While the members of the Japanese team gave lectures to Vietnamese experts on the Japanese experience of establishing its own economic forecasting centers and databases, they also helped to determine the prerequisites that Vietnam will need to develop its own econometric models, such as the acquisition of suitable computers and application programs and the training of young econometricians.

In May 1995, the study mission submitted for action its final report to the State Planning Committee, now called the Ministry of Planning and Investment (MPI), and to The Sasakawa Peace Foundation. Based on this report, MPI submitted a project proposal to establishing an econometric forecasting center in Vietnam to the Nippon Foundation. With its the Foundation's assistance, MPI instituted the Econometric Forecasting Center in Hanoi, Vietnam; and, in April 1996, started training Vietnamese economists both in Hanoi and in Tokyo.