Japanese businesses are shifting their production bases to Asian countries, including Vietnam, to make full use of their competitive advantages.
The statement was confirmed by Nguyen The Hung, Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI)-HCM City Office at a conference on Vietnam-Japan trade held in HCM City on March 2.
Hung also said the Vietnam-Japan Economic Partnership Agreement (VJEPA) and the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) have proved more and more effective, while many Japanese businesses are increasingly buying Vietnamese goods, creating favourable conditions for investment and trade relations between the two countries to grow and flourish.
Since the beginning of this year, many Japanese business delegations have come to HCM City to do surveys and seek investment opportunities. Many small-and-medium-sized businesses want to expand trade relations with their Vietnamese counterparts.
According to Japanese businesses, their technology transfer to Vietnam through investment cooperation and production will bring big profits to their business communities and to both countries.
A HCM City representative said the city is calling for hi-tech, environmentally-friendly projects during the 2010-2020 period, focusing on support industries, information technology and software, in which Japan has advantages.
In 2011, HCM City attracted 439 projects with total investment capital of US$2.8 billion. Of those, 61 projects came from Japan, worth US$154.8 million. Businesses with large investment capital from Japan include AEON Co. Ltd (US$109 million), Hai Thanh-Kotobuki (US$80 million) and ISUZU Vietnam Co. Ltd (US$50 million).