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Japanese investors urge auxiliary industries in Vietnam
Vietnam needs to foster its auxiliary industries in order to attract Japanese investors and retain them, representatives from the Japanese Business Association said a recent meeting with a local business organization.
Nobuhiko Murakami, general director of Toyota Vietnam, said if auxiliary industries in Vietnam fail to make progress, many foreign businesses could decide to pull out of the country.
He said local manufacturers are now unable to supply most of the components that Toyota Vietnam needs to make cars.
Vietnam will officially open its car market in 2018 and if by that time the domestic car industry has failed to increase its local content ratio to 60-70 percent, Toyota Vietnam will find it hard to continue its production in Vietnam, Murakami said.
He also noted the current ratios in Thailand and Indonesia are already 80-90 percent.
Koichi Takano, deputy chief representative of the Japan External Trade Organization in Hanoi, said many Japanese businesses care more about long-term policies and are especially interested in plans to develop local auxiliary industries.
Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry, said the chamber would help build strategic alliances between Vietnamese and Japanese businesses to encourage the development of auxiliary industries in Vietnam.
Thanhnien
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