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Sunday, May 9, 2021

Japan increases production shift to Vietnam

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HCMC – While shifting their production to Southeast Asia to diversify their supply chain, many Japanese firms have chosen Vietnam as a destination due to its improved business environment, Japanese Consul General to HCMC Watanabe Nobuhiro said during a meeting with HCMC chairman Nguyen Thanh Phong on September 7.

Stating that Japanese investment in Vietnam has steadily increased over the past several years, the Japanese Consul General said the trend would continue in the coming years as Japanese investors see Vietnam as an attractive business environment.

Half of 30 Japanese enterprises that have registered to participate in the Japanese Government’s support program for businesses to diversify their supply chain in Southeast Asia said they want to set up shop in Vietnam.

In HCMC, Nobuhiro said the number of Japanese companies becoming members of the HCMC Japanese Friendship Club (JCCH) has increased annually, proving the city’s attractiveness to Japanese investors.

According to Nobuhiro, this is the result of HCMC’s improved business environment which has been possible due to frequent meetings and roundtables between the city’s leaders and JCCH members that have helped Japanese businesses in HCMC resolve their difficulties. Through the events, the city has also received suggestions and recommendations from Japanese firms on improving its business environment.

Japanese investors have increased investment in many sectors in the city, proving the flourishing relationship between Japan and Vietnam, especially Japan and HCMC.

Nobuhiro spoke highly of the city’s efforts in ensuring the progress of its first metro line and confirmed that Japan will support HCMC in completing the project as planned.

He suggested that Vietnam and Japan should collaborate to organize the seventh Vietnam-Japan Festival after the Covid-19 pandemic is contained to foster relations between the two countries.

HCMC chairman Nguyen Thanh Phong said the city is committed to creating favorable conditions for foreign investors, including those from Japan. The city will assist Japanese experts in traveling to Vietnam after the pandemic is contained.

The municipal government will support the Japanese Consulate General’s operations in the city, contributing to strengthening the relationship between HCMC and Japanese cities and prefectures.

In addition, the city will work closely with Japanese investors to ensure the progress of the first metro line as well as other projects that use Japan’s official development assistance.

By Hung Le

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