JETRO: Japanese firms intend to expand business in Vietnam
Over 60 percent of Japanese firms in Vietnam have plans to expand their business, according to Atsusuke Kawada, head of the Hanoi office of the Japan External Trade Organisation (JETRO).
Vietnamese firms talk with Japanese firms (Source: VNA)
Hanoi (VNA) – Over60 percent of Japanese firms in Vietnam have plans to expand their business, accordingto Atsusuke Kawada, head of the Hanoi office of the Japan External TradeOrganisation (JETRO).
They also continueconsidering Vietnam an important investment destination, he said at a pressbriefing announcing the result of a survey on the operation of Japanesecompanies in Vietnam in Hanoi on February 14.
The survey examined business operationof Japanese companies in Asia and Oceania in 2016. It was carried out inVietnam in October and November 2016, involving 639 valid respondents.
Over 60 percent of theresponding firms said they earned profits from investment in Vietnam (up 4percentage point from 2015), while 25.1 percent reported loss (up 1.1percentage points).
Besides, 80 percent said theyexpanded their business prompted by revenue increases while 63 percent of firmsin non-manufacturing industries cited “high growth potential” as reasons fortheir expansion plans.
Vietnam’s investmentenvironment is being improved, according to many businesses.
However, 58.5 percent of themsaid the labour cost was increasing, while around 40 percent considered incompleteinfrastructure facilities and complicated taxation procedure risks.
Vietnam was ranked fourthamong 15 nations with underdeveloped support industry, according to 34.9percent of the surveyed firms.
Over 60 percent complainedabout increasing salary for local employees and difficulties in procurement ofraw materials and parts locally.
The rate of applying FreeTrade Agreement (FTA) and Economic Partnership Agreement (EPA) amongJapanese firms in Vietnam reaches 47.2 percent, up 2.2 percentage points fromthe previous year.-VNA
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Vietnamese firms talk with Japanese firms (Source: VNA) 
