Japanese businesses eye investment opportunities in Vietnam

Vietnamese Ambassador to Japan Vu Hong Nam speaks at the event.

In his address, Vietnamese Ambassador to Japan Vu Hong Nam noted that Vietnam is among few countries that have maintained positive economic growth following the effective control of the novel coronavirus (COVID-19) pandemic, thus turning the country into an attractive destination for foreign direct investment (FDI).

According to the ambassador, FDI inflows have increased constantly after the country brought the second COVID-19 outbreak under control. By Nov. 20, he said FDI into Vietnam had amounted to US$26.4 billion, including US$2.1 billion coming from Japan alone.

Notably, 15 out of a total of 30 Japanese businesses that have received assistance from the Japanese government in their investment shifting scheme have selected Vietnam as an ideal destination to base their production lines.

This means Japanese businesses have complete confidence in Vietnam’s economic development prospects in the near future, said the diplomat.

He called on Japanese businesses to invest in priority fields in the country, such as electronics, farm produce processing, environmental technology, energy saving, agricultural machinery manufacturing, shipbuilding, along with automobile and auto parts.

The Vietnamese Government is keen to perfect its legal framework in line with international norms and practices to create a healthy, transparent investment environment in order to attract further FDI, including the capital from Japan, ambassador Nam assured Japanese businesses attending the event.

In response, Matsuzawa Ken, president of the International Friendship Exchange Council (FEC), expressed hope that the event would serve to help Japanese businesses learn more about the Vietnamese investment environment, so as to promote greater economic, trade and investment co-operation between the two countries.

During the event, Ambassador Nam and representatives of the Vietnamese Ministry of Planning and Investment answered questions raised by Japanese firms regarding Vietnam’s preferential policies for foreign investors, as well as measures to develop the economy and improve its investment environment.