Jetro

Vietnam is the top choice for Japanese companies looking to diversify their supply chains, the Japanese Ambassador to Vietnam has said.

The Japanese business community has high expectation that Vietnam would manufacture high-added value products.

In addition to the ratification of new laws, Vietnam’s participation in high-standard FTAs ensures the country’s status among attractive investment destinations, Prime Minister Nguyen Xuan Phuc has said.

The issue was raised at a conference held between Vietnamese government agencies and major Japanese enterprises in Vietnam to address their issues.

The escalating tension between the US and China is diverting Japanese investment to Southeast Asia, with Vietnam being one of the favorite destinations.

Competition to attract FDI in Southeast Asia would be fiercer in the coming time.

While countries across the world are still in the fight against Covid-19, Vietnam has resumed business as usual and become one of the first countries to diversify the supply chains.

FDI to Hanoi continues to rise while global investment activities shrink due to the growing impacts of the Covid-19 pandemic.

A Japan External Trade Organization (JETRO) representative has high expectation for Hanoi as the city is joining a nationwide effort to boost the economy back on track.

Vietnam holds a number of advantages against other countries at a time when investors are looking to exit China, according to experts.