JETRO: 70 pct of Japanese firms want to expand business in Vietnam
According to the latest survey conducted by the Japanese External Trade Organisation (JETRO), up to 70 percent of Japanese businesses said they want to expand operations in Vietnam, a year-on-year rise of 10 percent.
Up to 70 percent of Japanese businesses said they want to expand operations in Vietnam (Illustrative image. Source VNA)
Hanoi (VNA) – According to thelatest survey conducted by the Japanese External Trade Organisation (JETRO), upto 70 percent of Japanese businesses said they want to expand operations inVietnam, a year-on-year rise of 10 percent.
The survey revealed that more than two-thirds ofthe 652 Japanese enterprises operating in Vietnam have expansion plans, mainlydue to the country’s rising revenue and high growth potential.
Hironobu Kitagawa, chief representative of JETROin Hanoi, said the figure is higher than in other regional countries,indicating Vietnam continues to be an attractive investment destination.
The survey also showed that 65.1 percent of Japanesecompanies recorded profits in Vietnam last year, while 19.4 percent reportedlosses.
Vietnam is attractive to Japanese businessesthanks to market size and growth potential as well as socio-political stabilityand low labour costs.
However, Japanese firms suggested Vietnam tacklemajor issues such as rising labour costs, incomplete legal framework and vagueimplementation, and complicated tax and administrative procedures.
Despites these shortcomings, the JETRO chiefrepresentative believed that Vietnam remains an attractive destination forJapanese firms.
With current investment trends, businesses arelikely to invest in consumption products, services and retail in 2018 and beyond,he said.
JETRO also pledged to support Vietnamese firmswho want to invest in Japan, he noted.-VNA
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Up to 70 percent of Japanese businesses said they want to expand operations in Vietnam (Illustrative image. Source VNA) 
