Japan helps 15 companies move factories to Vietnam
Fifteen out of more than 80 Japanese enterprises received support from the government to move factories to Vietnam, reported by the Japan External Trade Organization (JETRO).
Headquarters of Shin-Etsu Polymer Co., Ltd in Tokyo, Japan. (Photo: shinetsu.info)
Hanoi (VNS/VNA) - Fifteen out of more than 80Japanese enterprises received support from the government to move factories toVietnam, reportedby the Japan External Trade Organization(JETRO).
JETRO saidthat this was a move to improve the gap in the Japanese supply chain since theCOVID-19 pandemic had broken out and spread.
The project moving businesses to Asia also aimed tostrengthen Japan-ASEAN economic and industrial cooperation.
Bloomberg said the Japanese government would start payingsome companies to move factories out of China back to their home country or toSoutheast Asia.
The move aims to improve supply chains and reduce dependenceon manufacturing in China.
Nikkei also confirmed that the Japanese government would paya total of 70 billion Japanese yen (653 million USD) for eighty-seven companies or groups tomove production lines.
Thirty of these will receive money for investments inSoutheast Asia including Vietnam, Myanmar, Thailand and others.
The other 57 projects would head to Japan, said Nikkei./.
Japan will launch a subsidy programme to encourage domestic manufacturers to transfer their overseas production bases to Southeast Asia, as the coronavirus pandemic has greatly disrupted their supply chains heavily dependent on China.
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Headquarters of Shin-Etsu Polymer Co., Ltd in Tokyo, Japan. (Photo: shinetsu.info) 
