Numerous Japanese firms consider moving part of their production chains to Vietnam
VOV.VN - A number of Japanese companies are in the process of considering plans to move part of their production chains to the nation in the near future, according to the Vietnam Trade Office in Japan.
M-Tech Osaka, Japan's largest trade show for mechanical components and materials technology, opened in Osaka Prefecture on October 6, with the event featuring the participation of big brand manufacturers from global industrial powers such as the UK, France, Germany, the US, the Republic of Korea, and China.
The three-day event is running from October 6 to October 8 and offers Vietnamese enterprises an ideal opportunity to introduce various products, seek greater co-operation opportunities, and fully engage in the global value chain, while simultaneously gaining access to advanced and modern production technologies.
An issue this year is Vietnamese businesses finding it challenging to attend the latest version of the trade show and deal directly with foreign partners due to the impact of the COVID-19 pandemic.
However, with the support from the Vietnam Trade Office in Japan, Vietnam-Europe Mechanical Joint Stock Company managed to successfully register for a booth at the exhibition, with the function drawing the attention of visitors who are keen to learn and seek greater co-operation opportunities with the firm.
According to statistics, the export value of products relating to the support industry between the country and Japan in 2020 reached US$1.1 billion, thereby accounting for 5% of total Vietnamese export turnover to the Far East nation.
This is therefore considered a remarkable result coming from the efforts of the two Governments to promote bilateral co-operation in this field.
Of the six priority sectors of the industrialisation strategy within the framework of joint co-operation, three relate to the support industry, including electronics, agricultural machinery, and automobile manufacturing.
The initial outbreak of the COVID-19 pandemic in early 2020 served to severely disrupt and break some parts of the supply chain, thereby causing a wave of Japanese businesses to shift their supply chains from China to neighbouring countries in Southeast Asia, including the Vietnamese market and Thailand.
According to information given by the Vietnam Trade Office in Japan, the Vietnamese support industry, as well as businesses in this field, must remain active to seize new opportunities for investment attraction and business co-operation.