Domestic firms must prepare for more opportunities in the future as a new wave of Japan’s investment into Vietnam is expected to stem from Japanese small- and medium-sized enterprises (SMEs).
A new wave of Japan’s investment into Vietnam is expected to stem from Japanese small- and medium-sized enterprises. (Photo: baodautu.vn)
Hanoi (VNA) – Domestic firms must prepare formore opportunities in the future as a new wave of Japan’s investment intoVietnam is expected to stem from Japanese small- and medium-sized enterprises(SMEs).
Shortly after the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) was signed in Chile on March 8, adelegation of high-level business leaders from Japan visited Vietnam to promoteinvestment between the two countries.
Unlike previous Japanese visits, this visit brought notonly big firms but also many SMEs operating in commerce, banking, construction,food processing, education, home electronics and consultancy.
The first wave of Japanese investment was led by largefirms in manufacturing, said Seiji Imai, Head of Mizuho Bank for Asia andOceania. Japan has a lot of SMEs who possess exclusive and advanced technologybut mainly focus on the domestic market, he noted.
“I believe Vietnam would be the first destinationJapanese investors take into account when investing overseas and the secondinvestment wave will happen for sure,” he was quoted as saying by the Dau Tu(Investment) newspaper.
In some industries in Japan like retailing and education,there is little room for local companies to expand, according to Japanesebusiness representatives who attended the Vietnam – Japan business dialoguerecently held by the Vietnam Chamber of Commerce and Industry in Hanoi.
“In the plan for the next 10 years, our priority will begiven to investment activities overseas, especially in markets with largepopulation and strong economic growth like Vietnam,” Director of Japan-basedI-Cube Education Ltd Noriyuki Sekito said.
The new investment wave is expected to usher in morechances for cooperation between enterprises of the two sides, which are neededas most Vietnamese SMEs have limited resources and capacity.
The partnership will help reduce investment risks, cutcosts and save time in learning about a new market and investment policies, aJapanese business representative noted.-VNA
As the Vietnamese economy is forecast to continue its high growth in 2018, more Japanese firms are likely to invest in the country, said Hironobu Kitagawa, chief representative of Japanese External Trade Organisation (JETRO) in Hanoi.
Japan’s Juroku Bank Ltd will open a representative office in Hanoi in the time ahead after getting a licence from the State Bank of Vietnam (SBV) in early February.
Japan’s Mizuho Bank has signed a Memorandum of Understanding with the northern province of Vinh Phuc on cooperation in boosting Japanese investment in the locality.
Vietnam always encourages and creates all possible conditions for Japanese firms to invest in the country, especially in manufacturing industry and high-tech agriculture, Vice President Dang Thi Ngoc Thinh has said.
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A new wave of Japan’s investment into Vietnam is expected to stem from Japanese small- and medium-sized enterprises.
