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Infrastructure upgrade-key to attracting Japanese businesses
Vietnam’s industrial zones (IZs) need to improve their infrastructure to attract small-and-medium sized businesses from Japan.
Hideo Suzuki, Minister-Counsellor of the Japanese embassy in Vietnam made the recommendation at a seminar in Hanoi on February 27.
Although Vietnam has great potential for attracting investment, its low proportion of localized materials and poor support industries are hindering foreign investors, said Mr Suzuki.
He stressed that Japanese businesses consider making foreign investments a crucial factor in their development strategies.
Tran Duy Dong, Deputy Head of the Economic Zone Management Department under the Ministry of Planning and Investment (MoPI), said the Vietnamese Government is formulating policies to increase the efficiency of industrial and economic zones to attract more investors in the future.
With 1,667 projects capitalized at $23.6 billion, Japan is currently fourth among the 92 countries and territories investing in Vietnam.
Over 86 percent of Japanese investment in Vietnam is focused on the processing and manufacturing industries, but investment from small-and-medium sized businesses does not match their full potential.
Small-and-medium sized enterprises account for 90 percent of the total businesses in Japan. They have highly skilled human resources and are seeking investment opportunities in Vietnam.
The seminar was organized by the Foreign Investment Agency under the MoPI, in co-ordination with the Forval Group.
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