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Nikkei BP’s June issue of Nikkei Top Leader featured a special on Vietnam, introducing Japanese manufacturers who had been in this market, especially the IT sector.
“This special attracted very strong attention from readers, many of whom want to bolster business more than ever with Asian countries including Vietnam to rebuild Japan,” Obama said.
“We forecast that there will be a big inflow of Japanese investment into Vietnam in the coming time, particularly in the energy industry. We have met with many firms and investors in Japan, who said they would like to expand their investment into Vietnam,” he said.
The financial aftermath of the March 11 earthquake and tsunami disaster in Japan is reported to be at least $210 billion, not including human losses and detriments caused by the Fukushima nuclear power plant.
Minister of Planning and Investment (MPI) Vo Hong Phuc cited many Japanese provincial authorities during a recent MPI investment promotion delegation to Japan as saying there would be a new era for Japanese investment into Vietnam.
Do Nhat Hoang, head of the MPI’s Foreign Investment Agency, said Vietnam’s government was effectively implementing its Resolution 11 on curbing inflation, stabilising the macroeconomy and ensuring social security.
“Over the next one year, the resolution’s results will far better than now. So if Japanese firms and investors decide to invest into Vietnam now, it will take them one year to fulfill investment-related procedures. At that time, they will have much more favourable conditions to plant their projects in Vietnam.”
After the disaster, Vietnam’s government, ministries and sectors had launched many trips to Japan to share the country’s losses and organise investment promotion activities, while domestically organising many events to introduce Vietnam’s investment potential to Japanese firms.
The MPI said Japan was Vietnam’s leading strategic partner. Up to late July, 2011, Vietnam was home to 1,560 Japanese valid projects with total registered capital of $21.6 billion, ranking fourth of 92 countries and territories investing into Vietnam.
In the first seven months of 2011, Vietnam coaxed 94 Japanese projects with total registered capital of $720 million.
In June, 2011, Japan’s government inked a note providing preferential credit worth 58.18 billion yen for the first term for Vietnam’s fiscal year 2011. “Japan has vowed to continue giving official development assistance (ODA) to Vietnam as Vietnam’s biggest bilateral ODA donor, which accounts for Vietnam’s 30 per cent of ODA,” Hoang said.
Japan is Vietnam’s fourth largest exporting market, with total export turnover of $4.6 billion in the year’s first half, occupying 10.87 per cent of Vietnam’s total export turnover.
“Thus, Japan’s economic losses will no doubt badly impact Vietnam. However, how Vietnam will be impacted by such impacts remains unclear,” Hoang said.
The MPI and Nikkei BP in collaboration with the Japanese embassy in Hanoi will on August 10, 2011 organise a conference on Japan recovery scenario of foreign investment trends.
This would be a large-scale important conference to be joined by over 300 people including ministries’ leaders, ambassadors, leaders of Vietnam-based international organisations, local and Japanese and other foreign investors and enterprises, Hoang said.
The event will be used to discuss Japan’s post-disaster recovery scenarios and investment trends which are focused on Asia-Pacific, particularly Vietnam. Participants will also discuss Japan’s practical industrial development in the context of new investment trends, and Vietnam’s strategies to lure Japanese investment and direction to develop supporting industries in Vietnam and opportunities for Japanese investors.
“The event will also be a forum for organisations, local and foreign investors and enterprises to physically and swell their investment,” Hoang added.
Source: VIR
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