Japan Firms Pledge to Invest US$1.5B in Vietnam Year-to-date: Ambassador
Japanese companies have pledged to pour a total US$1.5 billion into Vietnam’s projects so far this year, making Japan become the fourth biggest foreign investor in the country during the period, Ambassador Mitsuo Sakaba said.
The recent appreciation of the Japanese yen (JPY) against the U.S. dollar and Vietnam dong will encourage more companies in Japan to enter the Southeast Asian market.
The Japanese ambassador added that around 1,500 Japanese investors are now operating in Vietnam, with half of this operating in the industrial manufacturing sector.
Businesses from the East Asian nation are boosting investments into Vietnam’s services sector, instead of the manufacturing projects in the past, Sakaba noted.
The ambassador, however, emphasized that Japanese investors still complain about Vietnam’s weak supporting industry which hinder their operations.
Vietnam can meet only 25% of Japanese manufacturers’ demand for supporting industrial products, while they mostly import them from other markets.
By end-August, companies from Japan had registered to inject a total US$19.58 billion into 1,244 projects in Vietnam, ranking the third among territories and countries making direct investment into the Southeast Asian nation. (Labor)
Vietnamese
