Illustrative image. Photo: eifec.com.vn
Two-thirds of Japanese enterprises want to expand manufacturing, opening of expo hears.
More than 66 per cent of Japanese enterprises want to expand their manufacturing in Vietnam, Mr. Kawada Atsusuke, Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi, told the Factory Network Business Expo 2017 and Japan Parts and Processing Exhibition 2017, being held on February 23 and 24.
Nearly 65 per cent said that they have difficulties relating to localization, materials, spare parts and components.
JETRO therefore organized the event to connect Vietnamese and Japanese enterprises. Mr. Kawada believes that “this event will help enterprises find sales and new sales channels to boost both Vietnam’s and Japan’s economy.”
There are 138 enterprises taking part in the exhibition and 400 customers registered to trade. Enterprises taking part include manufacturers, processors, and enterprises providing parts.
There are also businesses providing services that support industry. Products are diverse and include product components, accessories, motor cars, motorcycles, electronic components and equipment, precision machinery and instruments, plastic products, and rubber. Major Japanese corporations in attendance include Toyota, Canon, Honda, Yamaha, Tamron, NEC, and Sony EMCS.
Deputy President of the Hanoi People’s Committee Nguyen Doan Toan said that the city is keen to develop cooperation with Japan in all sectors.
Export turnover between Hanoi and Japan continues to grow. In 2016 it reached $1.23 billion, accounting for 11.6 per cent of the city’s total export turnover. Exports to Japan are primarily base metals, electronic components, and computers.
Japan is the leading in FDI to Hanoi, with 800 projects and total investment capital of $5.2 billion.