More than 500 Japanese companies are looking to invest in Viet Nam, said Hirokazu Yamaoka, chief representative of the Japan External Trade Organisation (JETRO) in Viet Nam, at a press briefing in Ha Noi last week.
Vietnamese support industries should focus on producing high-quality low-cost goods to boost their regional competitiveness, he said.
“If you are not able to produce these products in Viet Nam, local firms will have to import goods and spend foreign currency. That will affect exchange rates and impact on the economy. It is very important that Vietnamese companies produce high-quality value-added products.”
He said Viet Nam was a particularly attractive destination because of its low labour costs.
The majority of Japanese manufacturers looking to buy parts in Viet Nam were involved in the manufacture of cars, motorbikes, home appliances and packaging, he said.
To make Viet Nam more regionally attractive to foreign firms, the Vietnamese Government should improve the country’s infrastructure, Yamaoka added.
Ta Hoang Linh, deputy director of the Viet Nam Trade Promotion Agency, said domestic support industries lagged 10 years behind their regional counterparts.
Meanwhile, JETRO plans to hold a trade fair in Ha Noi from September 15 to 17.
“Japanese companies always require high-quality products from partners. If Vietnamese companies meet Japanese standards, they will also meet the strict requirements of other countries in the world,” Linh said.
“The fair this year will be different. This, the fourth exhibition, will combine with two others – Viet Nam Support Industry 2011 and Metalex Viet Nam 2011.”
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