Business

Japan to boost investment in Vietnam’s manufacturing industry

Japanese companies highly evaluate Vietnam’s business climate and tend to boost investment in the manufacturing industry, heard a press conference held by the Japan External Trade Organisation (JETRO) Office in Ho Chi Minh City on March 4.
Japan to boost investment in Vietnam’s manufacturing industry ảnh 1Head of the JETRO Office in HCM City Takimoto Koji (Photo: VNA)

HCM City (VNA) – Japanese companieshighly evaluate Vietnam’s business climate and tend to boost investment in the  manufacturing industry, heard a press conferenceheld by the Japan External Trade Organisation (JETRO) Office in Ho Chi MinhCity on March 4.

In 2018, Japan poured the largest amount offoreign direct investment (FDI) into Vietnam with total registered capital ofnearly 8 billion USD, making up 31 percent of the Southeast Asian country’stotal FDI.

In particular, investment in the manufacturingsector during the year increased 3.6 times against 2017 to reach over 1.67billion USD.

Takimoto Koji, head of the JETRO Office in HCMCity, said Japanese businesses highly evaluate the business environment inVietnam as well as the country’s political and social stability.

In 2019, the manufacturing industry remains themost attractive field to Japanese businesses, he said.

Each year, the office receives around 6,000Japanese firms seeking investment opportunities in Vietnam, with many keen toexpand the provision of services.

Some operating in the fields of pharmaceuticalsand cosmetics also invest in Vietnam through purchasing stakes in local firms.

With a population of over 90 million people,Vietnam has a large-scale consumption market with high growth potential.Therefore, several Japanese enterprises specialising in production for exportsare likely to tap into the market.

According to a JETRO survey, 2018 was the thirdconsecutive year in which Vietnam received a record number of new Japaneseinvestment projects, standing at 630. It was also the fourth consecutive yearthat 70 percent of Japanese businesses operating in the country revealed that theywill expand their investment in Vietnam.

Japanese enterprises recommended that Vietnamimproves its legal system to attract more foreign investors in the coming time.–VNA 
VNA
#Japanese companies #Vietnam’s business climate #manufacturing industry #Japan External Trade Organisation (JETRO) #foreign direct investment (FDI) #large-scale consumption market #legal system #Vietnam News Agency #Vietnamplus Japan
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