Vietnam is the top attractive destination for Japanese investors.

In the context of increasingly complicated international developments, Japan and Vietnam are constantly strengthening their relationship in many fields, especially the economic field.

The electronic microchip manufacturing factory of Japan's Meiko Group in Hoa Binh province with an investment capital of about 200 million USD. Photo: Minh Nguyen

Making good use of competitive advantages to attract FDI from Japan Japan is one of the strategic partners and investors in Quang Ninh province. Recently, the People's Committee of Quang Ninh province held a ceremony to grant investment registration certificates to a series of typical Japanese FDI projects in the province, including the Castem Vietnam Precision Mechanical Manufacturing Factory Project, the Seiko Vietnam Parts Project, the Tamagawa Vietnam Factory Project, and the Fujix Vietnam Industrial Products Manufacturing Factory Project. The total investment capital of these projects reached over 80 million USD. Up to now, Quang Ninh province has 12 projects with direct investment capital from Japan. The total registered investment capital of the projects reached approximately 2.4 billion USD, accounting for 20.52% of the total FDI capital of the whole province. In addition, in Quang Ninh province, there are 2 ODA projects being implemented, including the Ha Long City Drainage and Wastewater Treatment Project using preferential loans from the Japanese Government with a total investment of 3,293 billion VND. Talking to Lao Dong, Mr. Takeo Nakajima - Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi - said that Vietnam ranked 2nd among the dynamic and attractive markets chosen by Japanese enterprises, just behind the US. This shows the potential and investment opportunities in Vietnam for Japanese enterprises, thereby creating a more positive bright spot in the economic development of both countries. "Vietnam is one of the important destinations that Japanese enterprises choose to move their production lines. Vietnam is taking advantage of its strengths in low-cost labor and preferential land rental prices... However, these prices have tended to increase in recent years, so Japanese companies are looking for alternative solutions to improve product and service quality, bringing more added value to customers. Therefore, to keep up with this trend, Vietnamese enterprises need to automate more to innovate and produce high-quality products" - Mr. Takeo Nakajima shared. Strengthening cooperation in innovation 2023 marks a special event, the 50th anniversary of diplomatic relations between Vietnam and Japan. In the context of an increasingly complicated international situation, Japan and Vietnam still maintain their status as important strategic partners and constantly strengthen this good partnership in many fields. Japan ranks third among the economies and territories investing in Vietnam. Japanese Minister of Economy, Trade and Industry Nishimura Yasutoshi emphasized that Vietnam's innovation policies have created favorable conditions for Japanese enterprises to operate and invest in Vietnam. There are currently more than 2,000 Japanese enterprises operating in Vietnam in many different fields, which is the clearest proof. According to Minister of Planning and Investment Nguyen Chi Dung, to maximize opportunities and provide appropriate solutions to difficulties, innovation is an urgent requirement and applying innovation more deeply can help Vietnam and Japan overcome challenges to continue to develop.

Laodong.vn