Over 60% of Japanese Companies Report Profitable Operations in Vietnam
According to Japan External Trade Organization (JETRO), more than 60% of Japanese businesses in Vietnam will be profitable in 2024, the highest in the past 5 years. Besides, 56% of businesses plan to expand operations in the next 1-2 years. This is information given by the Japanese side from the discussion between Prime Minister Pham Minh Chinh and large Japanese corporations and businesses on the afternoon of March 1, according to Chinhphu.vn.
Mr. Ozasa Haruhiko, Chief Representative of JETRO Hanoi, said that through the most recent survey with Japanese businesses, the results were that more than 60% of Japanese businesses in Vietnam were assessed to be profitable in 2024, the highest in the past 5 years. There are 56% of businesses planning to expand operations in the next 1-2 years, ranking first in ASEAN. Also according to JETRO’s assessment, Vietnam is one of the countries with the most development momentum in the region.
At the seminar, Japanese businesses and organizations, such as the Japan International Cooperation Agency (JICA), JBIC Bank, Moeco Group, Marubeni, Tokyo Gas, Shimizu, Sumitomo, Hitachi, Nippon Koei, Toyota, Aeon… presented cooperation opportunities and proposed recommendations in fields such as energy, implementation of Hanoi urban railway line No. 2 Nam Thang Long – Tran Hung Dao, Ben Luc-Long Thanh section of North-South expressway, traffic development in the Mekong Delta. Besides, there are proposals on developing Vietnam-Japan University or implementing new generation ODA projects in the near future.
Japan is currently the largest ODA capital provider and labor cooperation partner, the 3rd largest investor, and the 4th largest trade and tourism partner of Vietnam. Japan has provided Vietnam with more than 20 billion USD in loans, nearly 750 million USD in non-refundable aid and about 1.34 billion USD in support for technical cooperation. Japan currently has more than 5,500 FDI projects in Vietnam with a total registered capital of 78.3 billion dollars. In 2024, bilateral trade turnover between the two countries will reach 46.2 billion USD, of which Vietnam’s imports from Japan will reach 21.6 billion USD. There are more than 600,000 Vietnamese people living and working in Japan, an increase of 8 times in the past 10 years. In 2024 alone, there will be more than 70,000 Vietnamese workers coming to Japan.
