Good time for Japanese businesses to expand investment in VN
Phuc made the point at the Viet Nam investment promotion conference themed “Promoting Viet Nam-Japan cooperation for mutual prosperity and confidence” that took place in Tokyo, Japan on July 1.
The event, jointly hosted by the Vietnamese Ministry of Planning and Investment and the Japan External Trade Organization (JETRO), drew the participation of over 1,200 Japanese enterprises.
Convergence of global trade flows
PM Phuc said that last year Viet Nam was one of the fastest-growing economies in the world, with the growth rate of 7.08%.
So far, Viet Nam has absorbed over US$ 350 billion of FDI with 28,000 operational projects, of the figure, disbursed volume reached more than US$200 billion.
In 2018 alone, the country lured over US$35 billion and a large number of the world’s business giants have already set foot in Viet Nam.
According to a research of the JETRO , over 70% of Japanese enterprises are planning to expand operations in Viet Nam.
Golden opportunities for Japanese enterprises
PM Phuc revealed that he flew from Osaka to Ha Noi to witness the signing of the Viet Nam-EU Free Trade Agreement and the Viet Nam-EU Investment Promotion Agreement on June 30.
At present, Viet Nam has signed 13 FTAs and is joining talks for three others, making the country a center of global trade flows.
Once the EVFTA takes effect, Viet Nam’s overseas shipments to the EU would increase by about 20% by 2020 and 42.7% by 2025, said PM Phuc.
The market size of Viet Nam’s retail sales sector is estimated at US$150 billion while its real estate market has been an attractive investment destination for foreign investors, according to Phuc.
Meanwhile, start-up spirit has been widely expanded nationwide, he added.
Against the backdrop, PM Phuc said this is good time for Japanese enterprises to contribute to accelerating growth and export in Viet Nam, especially in such sectors like green and renewable energy and tourism development.
“We regard the Japanese business community and investors as our leading partners in national development cause,” said PM Phuc.
source: chinhphu.vn
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