Japanese firm to invest in protective clothing factory in Vietnam
Japan will assist apparel maker Matsuoka Corp. in producing protective clothing in Vietnam to diversify supply chains and lessen its dependence on China amid the coronavirus crisis.
Tokyo (VNA) - Japan will assist apparel maker MatsuokaCorp. in producing protective clothing in Vietnam to diversifysupply chains and lessen its dependence on China amid the coronaviruscrisis.
Matsuokaplans to invest 3 billion JPY (28 million USD) in An Nam MatsuokaGarment Co., its Vietnamese manufacturing unit, to start production ofprotective wear and other items in several months, local media has reported.
Matsuokais one of 30 Japanese firms which were recently named recipients of officialsubsidies from the Ministry of Economy, Trade and Industry topromote Japan's drive to diversify supply chains and reduce itsdependence on China.
The JapanExternal Trade Organization, which announced the list of subsidy recipientslast week, said 15 of the 30 firms are connected with projectsin Vietnam and six in Thailand.
Matsuoka,of Fukuyama, Hiroshima Prefecture, established its Vietnamese unit lastNovember before the coronavirus outbreak as part of an ongoing campaign toproduce apparel products mainly in Southeast Asian countries such as Indonesia, Myanmar and Bangladesh./.
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Japan on February 21 signed a memorandum of understanding (MoU) with Vietnam’s southern economic hub of Ho Chi Minh City to strengthen the city’s urban railway management capacity.
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Production and revenue of Japanese enterprises in Vietnam are expected to fall at 70 percent in the second quarter of 2020, the results of the latest survey showed.
Vietnam is a strong candidate among the alternative investment destinations as Japanese enterprises are moving away from China due to the COVID-19 pandemic, according to Hirai Shinji, Chief Representative of the Japan Trade Promotion Organisation (JETRO) in Ho Chi Minh City
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Prime Minister Nguyen Xuan Phuc has affirmed that Vietnam always considers Japan one of the most important and long-term partners and wants to further deepen the extensive strategic partnership between the two nations.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustratrative image (Source: VNA) 
