Japan’s investment in Vietnam soars 90pct

25-Nov-2021 Intellasia | TheSaigontimes | 7:19 AM Print This Post

Japanese investors poured approximately $3.4 billion into Vietnam from January to October 2021, soaring 90 percent compared with the same period last year.

According to the Ministry of Planning and Investment, Japan was Vietnam’s third-largest investor after Singapore and South Korea, accounting for 14.3 percent of the total foreign investment pledged in the country. In the period, investors from 97 countries invested in Vietnam.

Japanese investors gained approval for 150 new projects in Vietnam from January to October, with registered capital totalling $2.43 billion, increasing by nearly $2 billion from the same period last year.

Besides, 105 Japanese enterprises invested over $741 million to expand their operations in Vietnam, up $372 million from the same period last year.

However, Japanese investors conducted only 170 transactions to contribute funds and acquire shares in local firms with a total capital of some $215 million, dropping sharply compared with 473 transactions worth $943 million from January-October 2020.

The Japan External Trade Organisation (JETRO) in Vietnam said Japan’s increasing investment would boost production and trade in Vietnam.

The latest report of the Ministry of Planning and Investment on economic cooperation between the two countries showed that Japan is one of the most important business partners of Vietnam.

According to the Foreign Investment Agency, as of late October 2021, Japan ranked second among 141 countries and territories investing in Vietnam, with 4,765 projects worth $63.94 billion.

A Japanese project costs over $13.4 million on average, higher than the average of $11.7 million of foreign-invested projects in Vietnam.

Up to now, Japan has invested in 57 of 63 cities and provinces in Vietnam. Thanh Hoa Province attracted the most investment from Japan with $12.5 billion, accounting for some 19.6 percent of the total.

Japan has invested the most in the manufacturing industry, power production and distribution and real estate.

Many leading Japanese firms such as Toyota, Honda, Canon, Panasonic, Yamaha, Suzuki, Mitsubishi, Marubeni, Sojitz, Idemitsu and Mitsui have invested in Vietnam.

https://english.thesaigontimes.vn/japans-investment-in-vietnam-soars-90/

 

Category: Economy, Vietnam

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