On the occasion of Vietnam’s 80th National Day, Ozasa Haruhiko, Chief Representative of JETRO Hanoi, expressed deep respect for the contributions of Vietnam’s leaders and people to the nation’s remarkable social and economic development.

Highest expansion rate among Japanese firms in the region

Mr. Ozasa Haruhiko noted that JETRO, the Japan External Trade Organization, is a government body dedicated to promoting trade and investment cooperation between Japan and countries worldwide. In Vietnam, JETRO operates offices in both Hanoi and Ho Chi Minh City, strengthening economic ties between the two nations.

According to JETRO’s annual global survey of Japanese companies operating abroad, 56% of Japanese firms in Vietnam reported plans to expand business in the 2024 survey the highest rate in Southeast Asia. “The most highly valued factor in Vietnam’s investment environment is market size and growth potential, chosen by 62% of companies, above ASEAN’s average of 49%,” said Mr. Ozasa Haruhiko.

He added that political and social stability ranked third, again higher than the regional average. Amid rising global uncertainty and political-economic challenges in parts of the region, Vietnam’s stability has become even more notable.

With these strengths in growth and stability, Vietnam is moving toward the goal of becoming a high-income country by 2045. Alongside this are reforms to streamline administrative structures, prioritize private sector development, foster innovation, and deepen international integration all expected to enhance business productivity in Vietnam, Mr. Ozasa Haruhiko emphasized.

Improving the investment climate, boosting Vietnam’s global reputation

The Chief Representative of JETRO Hanoi also noted that under the leadership of Ambassador Ito, the Japanese business community in Vietnam views itself as a responsible member, committed to contributing to the country’s sustainable development.

The Japan Chamber of Commerce and Industry in Vietnam (JCCI), under Chairman Wakabayashi, consistently stresses that Japanese businesses should contribute not only through capital and jobs but also with technology and expertise.

Highlighting JETRO’s commitment to strengthening the Japan-Vietnam partnership, Mr. Ozasa Haruhiko said that beyond attracting Japanese investment into Vietnam’s priority sectors, JETRO is promoting cooperation between Japanese companies and Vietnamese startups, supporting local procurement for Japanese manufacturers, and encouraging the active role of Vietnamese talent in both headquarters and subsidiaries of Japanese firms in Vietnam.

As Vietnam’s economy and society continue to grow rapidly, administrative procedures may face challenges in meeting demand. Therefore, Mr. Ozasa Haruhiko stressed that further improving the business environment and increasing satisfaction among domestic enterprises and foreign investors will enhance Vietnam’s international reputation and attract new investment into priority sectors.

He further pointed out that while many Japanese manufacturers have invested in Vietnam due to its abundant labor force and competitive labor costs for export production, the country is now seen not just as a “factory” but also as a “market,” and increasingly, as a hub for research and development.

“Foreign enterprises, including Japanese companies, will continue to accompany Vietnam and contribute to the country’s economic growth. At the same time, JETRO is committed to further supporting the development of both Vietnam and Japan,” affirmed Mr. Ozasa Haruhiko.