Vietnam’s improving investment climate has made the country become an alluring destination for Japanese investors who commit to furthering investment in the Southeast Asian nation in the future.
Honda Group, one of Japanese firms in Vietnam, has set up three motorbike manufacturing factories and one automobile manufacturing plant in the country. (Photo: Internet)
Hanoi (VNA) – Vietnam’s improving investment climate has made thecountry become an alluring destination for Japanese investors who commit tofurthering investment in the Southeast Asian nation in the future.
Some 3,600 Japanese investment projects landed in Vietnam by the end ofSeptember with total registered capital of 46.1 billion USD. Japaneseinvestment alone accounted for 14 percent and 14.8 percent of the country’stotal projects and registered capital, respectively.
Giant investors include Honda, Toyota, Canon, Mitsubishi, Yamaha, Sumitomo andAEON. The groups have enjoyed robust operation and business results and theyare increasingly expanding investment in Vietnam.
Honda Group is an example, from one factory in Vinh Phuc province, the grouphas set up three motorbike manufacturing factories and one automobilemanufacturing plant. Meanwhile, Canon Group established two new plants at QueVo and Tien Son industrial parks in Bac Ninh province following the first plantin Thang Long industrial zone.
Despite attracting attention from Japanese enterprises, Vietnamese economicexperts noted that the undeveloped support industry remains a bottleneck in thecountry’s business environment.
They said that Canon Vietnam has to pay 40 million USD to import spare partsfor production, resulting in time and money consuming of the enterprise.
Along with promoting investment in support industry, the Foreign InvestmentAgency under the Ministry of Investment will join hands with Japan to carry outthe industrialisation plan until 2020 with vision towards 2030 in the frameworkof the Vietnam-Japan Joint Initiative.
Accordingly, they will work to put forth cooperation in six branches: electronics,agricultural machineries, agro-fishery processing, ship building, environmentand energy saving, and automobile spare parts.-VNA
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Honda Group, one of Japanese firms in Vietnam, has set up three motorbike manufacturing factories and one automobile manufacturing plant in the country. (Photo: Internet)
