Japanese firms expand investment in Vietnam
Vietnam’s improving investment climate has made the country become an alluring destination for Japanese investors who commit to furthering investment in the Southeast Asian nation in the future.
Honda Group, one of Japanese firms in Vietnam, has set up three motorbike manufacturing factories and one automobile manufacturing plant in the country. (Photo: Internet)Hanoi (VNA) – Vietnam’s improving investment climate has made the country become an alluring destination for Japanese investors who commit to furthering investment in the Southeast Asian nation in the future.
Some 3,600 Japanese investment projects landed in Vietnam by the end of September with total registered capital of 46.1 billion USD. Japanese investment alone accounted for 14 percent and 14.8 percent of the country’s total projects and registered capital, respectively.
Giant investors include Honda, Toyota, Canon, Mitsubishi, Yamaha, Sumitomo and AEON. The groups have enjoyed robust operation and business results and they are increasingly expanding investment in Vietnam.
Honda Group is an example, from one factory in Vinh Phuc province, the group has set up three motorbike manufacturing factories and one automobile manufacturing plant. Meanwhile, Canon Group established two new plants at Que Vo and Tien Son industrial parks in Bac Ninh province following the first plant in Thang Long industrial zone.
Despite attracting attention from Japanese enterprises, Vietnamese economic experts noted that the undeveloped support industry remains a bottleneck in the country’s business environment.
They said that Canon Vietnam has to pay 40 million USD to import spare parts for production, resulting in time and money consuming of the enterprise.
Along with promoting investment in support industry, the Foreign Investment Agency under the Ministry of Investment will join hands with Japan to carry out the industrialisation plan until 2020 with vision towards 2030 in the framework of the Vietnam-Japan Joint Initiative.
Accordingly, they will work to put forth cooperation in six branches: electronics, agricultural machineries, agro-fishery processing, ship building, environment and energy saving, and automobile spare parts.-VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
