Vietnam and Japan held the 3rd Economic Forum March 3 in Hanoi, attracting 350 enterprises from the two sides.
The event was jointly organized by the Vietnamese Chamber of Commerce and Industry (VCCI), the Japan External Trade Organization (JETRO) and the Kansai Economic Federation (KANKEIREN).
Kyoshiro Ichikawa, an investment consultant with the Japan International Cooperation Agency (JICA) said, developing Vietnam’s manufacturing and production base is one of Japan’s major objectives in the region.
Cooperation in producing goods for export and domestic consumption is a key direction in bilateral investment relations in the coming years, he added.
Japan’s Ambassador to Vietnam Mitsuo Sakaba said that Vietnam should pay more attention to developing supporting industries, as they are essential to ensuring the success of Vietnam-based Japanese firms.
Ngo Van Tru, Deputy Head of the Ministry of Industry and Trade’s Heavy Industry Department, reported that Vietnam needs Japanese assistance for the development of supporting industries, especially in personnel training and technology sharing.
Tru noted that his ministry is actively working with Japan to map out supporting industry development strategies for specific manufacturing sectors such as garments and textiles and automobiles.
Prime Minister Nguyen Tan Dung has asked the ministry to draft decrees toward realizing these objectives, he added.
Participants said Vietnam’s low labor cost is the most attractive factor for Japanese investors in Vietnam. However, they added that, international competitiveness based on the labor costs will gradually drop.
They also warned that if Vietnam does not improve its business environment more, multi-national groups will move their production to neighboring countries.
To date, Japanese have invested US$17 billion in Vietnam, of this, US$10 billion has been disbursed, the local Labor newspaper reported. (Local sources)
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