Vietnam is an attractive investment destination for Japanese enterprises post Covid-19

Japanese enterprises regard Vietnam as an attractive investment destination following the latter’s success in controlling the COVID-19 pandemic, Ambassador Yamada Takio told a conference in Hanoi on Dec. 21.
December 22, 2020 | 08:14
a japanese decides to retire early to visit vietnam 10 times a year to unknown areas A Japanese decides to retire early to visit Vietnam 10 times a year to unknown areas
japanese enterprises seek investment opportunities in vietnam Japanese enterprises seek investment opportunities in Vietnam
japanese enterprises want to expand supply chains in vietnam Japanese enterprises want to expand supply chains in Vietnam

The dialogue conference, which was jointly held by the Government Office, the Prime Minister’s Advisory Council for Administrative Procedure Reform, and the Japanese Embassy, attracted the participation of representatives of 40 Japanese businesses operating in Vietnam, VOV reported.

This is the fifth dialogue with domestic and foreign enterprises organized by the council so far this year and the first with Japanese businesses.

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Japanese ambassador Yamada Takio believes Vietnam's improved investment environment in the post-COVID period will attract more Japanese businesses. (Photo: VGP)

Ambassador Takio noted that Vietnam has brought the coronavirus outbreak under control while the world is struggling hard to contain it.

In the first 11 months of this year, Vietnam’s import-export value was 489 billion USD worth, up 3.5 percent year-on-year, he said, stressing that the country is directly benefiting from the diversification of global supply chains.

The ambassador also commended the extensive strategic partnership between Vietnam and Japan.

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Photo: VNA

He said the key to Vietnam’s rapid economic recovery is the resumption of commercial flights, the improvement of public investment disbursement, foreign investment attraction, and administrative reform.

The organization of the dialogue demonstrates Vietnam’s efforts to push ahead with administrative reform, improve the local business climate, and attract foreign investment, Vietnam News Agency reported.

According to the diplomat, of the 81 Japanese firms receiving Government support, 37 have decided to select Vietnam as their investment destination. Fifty-five Japanese businesses will establish their headquarters in the country.

Japan will continue to support its enterprises to operate in Vietnam, he affirmed.

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Minister-Chairman of the Government Office Mai Tien Dung speaks at the event Photo: VNA

Minister-Chairman of the Government Office Mai Tien Dung, who is also president of the council, said that with synchronous, drastic, and effective measures against COVID-19, Vietnam has embarked on the “new normal”, with rosy signs in production and business, especially industrial production and exports and imports.

The Government and the PM have promptly instructed ministries, agencies, and localities to adopt solutions in an effort to recover the national economy, promote the disbursement of public investment, and ensure social welfare and social safety and order while revamping the operations of State administrative agencies, he added.

Dung told the dialogue that the Government has cut 239 business conditions so far this year, and issued a document on the implementation of administrative procedures online.

He cited a report from the Ministry of Planning and Investment saying that Vietnam’s economic growth is expected to reach 2.6-3 percent this year. It is the only country in Southeast Asia and one of very few in Asia-Pacific to post growth.

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Representatives of 40 Japanese businesses operating in Vietnam attend the dialogue conference with the Vietnamese government to facilitate Japanese operations in Vietnam. Photo: VGP

Vietnam is also one of 16 emerging markets most successful amid the COVID-19 pandemic, according to the report.

At the event, representatives of Japanese businesses proposed that Vietnam further facilitate travel between the two countries, accelerate public investment disbursement, and speed up the licensing of Japanese firms wishing to do business in Vietnam.

Previously, the Japan External Trade Organization (JETRO) announced the results of a survey conducted at the end of last year, based on the feedback of 3,500 Japanese enterprises interesting in doing business overseas.

The results show that 41% of these, or about 1,400 Japanese enterprises are considering expanding operations in Vietnam in the next three years, increasing by 5.5 percentage from the previous year.

Meanwhile, more than 36% of businesses chose Thailand (increasing by 1.5 percentage) and 48% of businesses said they would promote production and business in China (decreased by 7 percentage).

Since 2018, the US and China's growing confrontation has spurred investment by Japanese companies into Southeast Asian countries, the report said. More and more Japanese companies are shrinking operations in China and expanding the business into Southeast Asia.

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Malie Nguyen
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