Japanese funds sought for support industries

June 23, 2011 | 08:36

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A seminar was held in Hanoi on June 22 to discuss measures to attract Japanese small and medium-sized enterprises (SMEs) to invest in developing supporting industries in Vietnam.

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Co-organised by the Ministry of Planning and Investment (MPI) and Japan International Cooperation Agency (JICA), the seminar took place in the context where support industry development in Vietnam is attracting interest among domestic and foreign investors, especially those from Japan and the Republic of Korea.

Speaking at the event, MPI Deputy Minister Dang Huy Dong said that Vietnam planned to build a modern and industrialised economy and focused on calling for investment in developing hi-tech industries.

The Vietnamese government will develop SMEs, improve business competitiveness and increase added value for products towards joining the world’s high-value product chain while boosting the development of support industries, he said.

According to Ryoichi Nakagawa, director of the Investment Support Centre of Japan, Vietnam is a potential market with low labour costs and more business opportunities from free trade agreements.

However, he said that Vietnam’s foreign investment encouragement policies should pay more attention to supporting industries. The country also needs to attach importance to policies on developing industrial clusters.

According to the MPI, Vietnam currently has 15 economic zones and over 260 industrial zones (IZs). Of the IZs, 173 have become operational.

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