Shortly after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in Chile on March 8, a delegation of high-level business leaders from Japan visited Vietnam to promote investment between the two countries.

Unlike previous Japanese visits, this visit brought not only big firms but also many SMEs operating in commerce, banking, construction, food processing, education, home electronics and consultancy.

The first wave of Japanese investment was led by large firms in manufacturing, said Seiji Imai, Head of Mizuho Bank for Asia and Oceania. Japan has a lot of SMEs who possess exclusive and advanced technology but mainly focus on the domestic market, he noted.

“I believe Vietnam would be the first destination Japanese investors take into account when investing overseas and the second investment wave will happen for sure,” he was quoted as saying by the Dau Tu (Investment) newspaper.

In some industries in Japan like retailing and education, there is little room for local companies to expand, according to Japanese business representatives who attended the Vietnam – Japan business dialogue recently held by the Vietnam Chamber of Commerce and Industry in Hanoi.

“In the plan for the next 10 years, our priority will be given to investment activities overseas, especially in markets with large population and strong economic growth like Vietnam,” Director of Japan-based I-Cube Education Ltd Noriyuki Sekito said.

The new investment wave is expected to usher in more chances for cooperation between enterprises of the two sides, which are needed as most Vietnamese SMEs have limited resources and capacity.

The partnership will help reduce investment risks, cut costs and save time in learning about a new market and investment policies, a Japanese business representative noted.-VNA