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Japanese investors shifting to Vietnam to diversify supply chain

September 09, 2020 | 09:50

Japanese Consulate General in Ho Chi Minh City (HCMC), Mr. Watanabe Nobuhiro said that many Japanese companies have decided to move to Vietnam due to its improved business environment.

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Photo: Hung Le/ Saigontimes

Japanese investment in Vietnam has steadily increased over several years, the trend would continue in the coming years as Japanese investors consider Vietnam as an attractive business environment, the Japanese Consulate General said in a meeting with HCMC chairman Nguyen Thanh Phong.

According to Saigon times, around 15 Japanese firms that have registered to participate in the Japanese Government’s support program for businesses to diversify their supply chain in Southeast Asia said they would like to establish business in Vietnam

In HCMC, Watanabe Nobuhiro said the number of Japanese companies joined the HCMC Japanese Friendship Club (JCCH) has increased annually which proves attractiveness of HCMC to Japanese investors.

According to the Japanese Consulate General, this is thanks to business environment improvement 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 to handle with their difficulties.

Through the events, Japanese companies also provided suggestions and recommendations on improving its business environment to HCMC.

Mr. Watanabe Nobuhiro has appreciated 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.

Additionally, HCMC 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.

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

HCMC chairman Nguyen Thanh Phong said the city commit to create favorable conditions for foreign investors in general and Japanese investors in particular. 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.

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