Turning back the tide: Japan attracting investment from Vietnam

Hironobu Kitagawa, chief representative of JETRO in Hanoi, inviting Vietnamese businesses to Japan

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Japan External Trade Organisation (JETRO) on December 9 held a press conference in Hanoi, where JETRO called for Vietnamese investors and enterprises to do business in Japan, introducing it as an attractive investment destination.

“Come invest in Japan,” said Hironobu Kitagawa, chief representative of JETRO in Hanoi. “We would like to attract investment from Vietnam into numerous sectors in Japan, such as IT, health care, manufacturing, and foodstuffs.”

“Japanese consumers attach great importance to the quality of goods. If you can meet Japanese people’s standards, you are as good as set for any other market,” Kitagawa said, adding, “Many global groups often launch their new products in Japan before other markets. A number of Vietnamese firms have been investing in Japan, with very good results, such as FPT and CMC.”

Previously, Japan did not lay heavy emphasis on luring in foreign direct investment (FDI). However, due to its economic development requirements, the nation is now changing its mind.

JETRO currently has a programme to assist Vietnamese firms and investors to invest in Japan. This programme offers free-of-charge services for Vietnamese people at Invest Japan Business Support Centres (IBSC) in Japan.

These centres are located in six major cities, including Tokyo, Yokohama, Nagoya, Osaka, Kobe, and Fukuoka.

At each IBSC, experienced staff and advisors provide information by using a broad network across the public and private sectors, and offer consultation according to foreign companies’ needs. Each IBSC also offers temporary office space for a maximum of 50 days for overseas firms that have yet to enter the Japanese market or for foreign-affiliated companies already present in the country and set to deploy a new base.

IBSC temporary offices are located near major government offices and have convenient access to important business centres across Japan. Such proximity enables overseas companies to complete applications, registrations, business negotiations, and other preparation to smoothly establish and expand their business.

Besides, IBSC also provides free individual consultation for companies. IBSC staff and advisors can provide information about such matters as industrial structures and market shares, Japanese business practices in regard to procurement, product sales, and industrial systems, as well as offering advice based on the needs of the company.