FDI into Vietnam will recover after COVID-19: JETRO Chief
FDI inflows into Vietnam will soon bounce back once the COVID-19 pandemic is brought under control, Chief Representative of the Japan External Trade Organisation (JETRO) in Hanoi Takeo Nakajima said on September 9.
Tokyo (VNA)𝄹 - FDIinflows into Vietnam will soon bounce back once the COVID-19 pandemic isbrought under control, Chief Representative of the Japan External Trade Organisation(JETRO) in Hanoi Takeo Nakajima said on September 9.
He made the remarks duringan online seminar on Vietnam-Japan investment, co-held by the ASEAN-JapanCentre (AJC) and JETRO together with the Trade Promotion Department at theMinistry of Industry and Trade, the Vietnam Trade Office in Japan, and the threenorthern provinces of Vinh Phuc, Quang Ninh, and Nghe An, attracting hundredsof businesses from the two countries. FDI into Vietnam has always enjoyedconstant increases, he said, and even though investment has now slowed due toCOVID-19 it will recover in the post-pandemic period. The Vietnamese Governmenthas introduced numerous incentives and created the conditions necessary forforeign companies, including those from Japan, to invest in the country, heexplained. Vietnam is also a signatory tomany free trade and economic partnership agreements, and is gradually joining globalsupply chains. Most of the world’sfinancial institutions, such as the International Monetary Fund, have said thatVietnam may be the only Southeast Asian nation to post growth this year, headded. Various Japanese firms inVietnam have been hurt by the pandemic, he explained, resulting in stagnating investmentinflows. Speaking at the event’splenary session, AJC Secretary General Masataka Fujita underlined the need tobolster cooperation between Japan and Vietnam to overcome the impact of the pandemic. He noted that the seminaraims to further connect the two countries’ businesses and help them seeksuitable partners. Japan has been an importantinvestor in Vietnam during the 47 years of diplomatic ties between the two countries,Director of the Trade Promotion Department Vu Ba Phu affirmed. Stronger investment fromJapan in the future and incentives on technology transfer are expected to raiseVietnam’s technological and production capacity, he noted. Vietnam had welcomed morethan 2,000 Japanese investors as of late 2019. Japan was Vietnam’s second-largest foreign investor last year, with registered capital totalling 59.3 billion USD, or 16.7percent of the total foreign investment./.
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Illustrative image (Photo: VNA) 
