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Vietnam tops Southeast Asia in rate of Japanese firms eyeing expansion
Over 56% of Japanese firms operating in Vietnam plan to expand in the next year or two, the highest rate for any Southeast Asian country, a survey has found.
This figure represents a 0.6-percentage-point decrease from last year but is still enough for Vietnam to surpass Laos, the previous top market, according to a survey on Japanese firms operating overseas in the fiscal year 2024 by the Japan Trade Promotion Organization.
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Customers attend the launch of Uniqlo's 26th store in Vietnam in HCMC's District 8, Nov. 8, 2024. |
All retail and food services businesses in Vietnam said they plan to expand. The rates are 48% for manufacturing firms and 63% for non-manfacturing companies.
Japanese businesses said they want to invest more in Vietnam in the next few years to capitalize on its growing domestic demand and exports.
Some 49% of them expect their performance this year to exceed that of 2023, up 16.8 percentage points from last year's survey, the highest increase among ASEAN countries.
The rate expecting to be profitable in 2024 rose by 9.8 percentage points to 64.1%, the first time in five years it has exceeded 60%.
Japanese firms are projected to hike salaries by 5.4% in Vietnam this year.
"Vietnam’s salaries are in the average range for the region, but its salary growth rate is among the highest," the survey noted.
According to the Ministry of Planning and Investment, Japan was the fifth largest investor from among 110 countries and territories in the first 11 months of 2024 at US$3.61 billion, or 11.5% of total foreign direct investment.
National Assembly Chairman Tran Thanh Man and his spouse are paying an official visit to Japan from December 3-7. The visit is expected to promote the two countries' legislative ties in a practical and sustainable manner, thus concretising the comprehensive strategic partnership across spheres.
National Assembly (NA) Chairman Tran Thanh Man, his spouse Nguyen Thi Thanh Nga, and a high-ranking delegation of the Vietnamese legislature arrived in Tokyo on December 3 evening, starting a five-day official visit to Japan at the invitation of President of the House of Councillors Sekiguchi Masakazu and his spouse.
Chairman of the National Assembly Tran Thanh Man and his spouse are paying official visits to Singapore and Japan from December 1-7, at the invitations of Speaker of the Singaporean Parliament Kian Peng Seah and his spouse, and President of the House of Councillors - the upper chamber of the Japanese National Diet - Sekiguchi Masakazu and his spouse.
As Vietnam embarks on a new era of development, Japan is eager to support the country in this journey, while translating their Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World into reality, Japanese Ambassador to Vietnam Ito Naoki told the press on November 27.
Retailer Aeon Mall Vietnam will begin construction of a VND5.14 trillion (US$202 million) mall in the northern tourist town of Ha Long early in December.
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