More Japanese businesses eye Vietnam market
(VOV) - Japan External Trade Organisation (JETRO) Managing Director HirotakaYasuzumi believes Vietnam will attract more Japanese businesses if its support industry develops strongly.
In a recent interview granted to the Vnexpress newswire, Yasuzumi said Japanese businesses are currently shifting their production bases and material suppliers from China to Vietnam.
He said Vietnam is also benefiting from sharp increases in Thailand’s labour costs, making finding human resources in the vicinity of Bangkok more difficult.
Japan contributed 51 percent of the total US$7.8 billion in foreign direct investment Vietnam attracted last year. It has invested US$3.7 billion in Vietnam in the first five months of 2013, making it the country’s largest foreign investor.
Yasuzumi warned support industry deficiencies continue to hamper Japanese investment in Vietnam.
He recommended Vietnam focus on five support industry areas, including mould manufacturing, plastic injection and stamping, electrical and electronic components, machinery equipment, and heat and surface treatment.
The Japanese expert also suggested replicating a training exchange model involving sending employees of small and medium-sized enterprises to Japan for additional spare part manufacturing training. These workers will eventually constitute important human resources for the domestic support industry.