Japanese firms continue to grow business operations in Vietnam

Of all Japanese enterprises operating in the nation, up to 63.9% have unveiled plans to continue expanding their business in the country, a higher rate than enterprises from ASEAN, ranking third in Asia and Oceania, behind those from Bangladesh and India, according to a recent survey conducted by the Japan External Trade Organization.

The information was released during an online investment promotion conference held on July 9 in Hanoi with  over 1,000 Japanese enterprises from around the world in attendance, indicating the level of seriousness shown by the Japanese business community in the nation.

Deputy Minister of Planning and Investment Vu Dai Thang stated that the event offers participants the latest information on the Vietnamese business and investment climate, in the context of the country successfully containing the novel coronavirus pandemic.

A range of fresh policies have been issued in recent times, such as the Law on Investment and the Amended Law on Enterprises, in addition to the National Assembly’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), Thang said.

Minister Okabe Daisuke from the Japanese Embassy in Vietnam stated that Japanese investors remain very keen to invest in the nation.

Do Nhat Hoang, Director of Foreign Investment Department under the Ministry of Planning and Investment, said the country enjoys a stable political situation, high economic growth, an abundance of human resources, and a high potential market, with the average income of citizens gradually increasing.

With free trade agreements signed by the country set to come into effect, Japanese enterprises are expected to enjoy special incentives when investing locally.

Aguin Toru, chief representative of Japan Bank for International Cooperation in Hanoi, described the country as an important Japanese partner in various fields such as infrastructure, production, and natural resources.

According to Minister Daisuke, in order to attract greater investment, the nation should promote disbursement of public investment projects, speed up reforms, and ensure transparency in the implementation of policies.

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