Launched in FY 1994, this project was designed to facilitate Vietnam's transition to a market economy by bringing together Japanese and Vietnamese experts on fiscal and monetary policy―a central area of Vietnam's economic reform program―to conduct joint research and submit policy proposals to the Vietnamese government.
Organized under the auspices of the State Fiscal and Monetary Council, the Vietnamese side comprised representatives of Vietnam's Ministry of Finance, the State Bank of Vietnam, the Government Price Committee and economic Policy leaders of the　Communist Party Central Committee. Participants from Japan included scholars from universities, think tanks and research institutes, and experts from leading financial institutions. Their joint research addressed the topics of macroeconomic stability (inflation control), reform of the Vietnamese banking system, and creating a capital market. During the project, a total of seven joint study meetings were held, at which participants engaged in vigorous discussions focusing on Japan's postwar economic experience while also drawing on the examples of China and other neighbors in Asia.
The FY 1994 and FY 1995 phases of the project were concluded with study meetings in Tokyo and Hakone which were attended by Mr. Tran Quang Nghiem, then chairman of the Government Price Committee (a ministerial-level post), and Mr. Vu Quang Tuyen, minister of state without portfolio. In March 1995, a project report was complied and submitted as a policy proposal to the Vietnamese government. Published in both Vietnamese and English, the report was also distributed to researchers, government policy makers and international aid organizations in Japan, Vietnam and around the world. In FY 1995, furthermore, the joint research was augmented by an interview survey and statistical analysis on wages and wage-determining factors in state-operated enterprises in Vietnam.