Japanese investment set to amplify
08:00 | 01/07/2019
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New investments worth billions of US dollars from Japan is expected to be poured into Vietnam in the near future, creating a new Japanese investment surge in the Southeast Asian nation.
Prime Minister Nguyen Xuan Phuc was welcomed by his counterpart Shinzo Abe at the G20 Summit in Osaka Photo: VNA
Over the past 16 years, Vietnam and Japan have been co-implementing their Vietnam-Japan Joint Initiative. Launched in 2003, the initiative has been implemented in six phases with a total of 473 plans of action, and is now in the seventh phase to be carried out from August 2018 to the end of 2019.
The initiative has contributed significantly to increasing Japanese investments in Vietnam, while helping competent Vietnamese agencies fine-tune laws and policies.
As shown in the latest survey on the performance of Japanese businesses in Asia and Oceania in 2018 by the Japan External Trade Organization’s Hanoi office, 69.8 per cent of Japanese businesses in Vietnam are planning to expand operations in the country in the next one to two years, up from 69.5 per cent in the 2017 edition. The rate is higher than in Thailand (52.2 per cent), and China (48.7 per cent).
July 1 will witness Vietnam and Japan organise a business forum, at which more than 30 co-operation deals worth billions of US dollars are expected to be inked between businesses from both nations, focusing on the sectors of manufacturing, energy, IT, the environment, and agriculture.
This is good news in the current context that both nations are beefing up their investment ties on the back of the strengthened bilateral co-operation and Vietnam’s thirst for Japanese investment and its business climate improvements.
Taking place during Prime Minister Nguyen Xuan Phuc’s visit to Japan on the same date, the forum is expected to welcome around 1,000 representatives of enterprises, including 100 from Vietnam and the rest from Japan.
Notably, late last week, PM Phuc met with many Japanese groups in Japan, such as All Nippon Airways (ANA), AEON, UFJ, Japan Tobacco, Mitsui, Mitsubishi, Hitachi, Toshiba, Hanwa, Daikin, Fujitsu, Kajima, Mazda Motors, and Kansai Economy. These firms told PM Phuc that they will continue boosting investment in Vietnam, contributing to a new wave of Japanese investment hitting Vietnam where they see immense potential.
According to the Vietnamese Ministry of Foreign Affairs (MoFA), a growing number of Japanese investors and enterprises are showing a major interest in the Vietnamese market.
“Japanese investors are considering Vietnam as an ideal location for their investments. For example, the Japanese Chamber of Commerce and Industry (JCCI) in Vietnam has the most members among other JCCI offices in Southeast Asia,” said a MoFA representative.
https://www.vir.com.vn/japanese-investment-set-to-amplify-68954.html
Trump doesnt want VN's products?? Ok fine, JP and EU will buy