Vietnam’s Prime Minister Nguyen Xuan Phuc (right) met with his Japanese counterpart Suga Yoshihide. Photo: VNA Yoshida Tomoyuki, spokesperson for the Japanese Ministry of Foreign Affairs, told VIR that the visit by Japanese Prime Minister Suga Yoshihide to Vietnam last week “has paved the way for a new surge in Japanese investment in Vietnam in the time to come.” “We are expecting bigger Japanese investment inflows into Vietnam, which is already a major investment destination for Japanese businesses in ASEAN. They are using Vietnam as a market for diversifying their supply chains and logistics activities,” Tomoyuki said. “They see that it is not good for them to depend on a single market like China, and Vietnam is quite an attractive market for them to increase investment.” Under its new policy, Japan is now making efforts to diversify its supply chains and decrease reliance on China by bringing production home or moving it to Southeast Asia. Vietnam is a popular choice for Japanese businesses – half of the 30 Japanese firms that used a ¥23.5 billion ($222.8 million) government programme to diversify supply chains in Southeast Asia have targeted Vietnam, which has aggressively courted such investment. Last week after talks between… Read full this story
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