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JETRO: FDI in Vietnam to recover after Covid-19
The Saigon Times
Thursday,  Sep 10, 2020,12:18 (GMT+7)

JETRO: FDI in Vietnam to recover after Covid-19

The Saigon Times

Two workers are seen working at a production line of Toyota Vietnam – PHOTO: VNA

HCMC – Vietnam will see foreign direct investment (FDI) inflows bounce back as soon as the Covid-19 pandemic is brought under control, said Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi Takeo Nakajima during an online seminar on Vietnam-Japan investment on September 9.

Hundreds of businesses from the two countries attended the conference, which was co-held by the ASEAN-Japan Centre, JETRO, the Trade Promotion Department under the Ministry of Industry and Trade, the Vietnam Trade Office in Japan and the three northern provinces of Vinh Phuc, Quang Ninh, and Nghe An.

In recent years, FDI in Vietnam has constantly been on the rise but has slowed due to Covid-19. However, it will recover in the post-pandemic period, he was quoted by Vietnamplus website as saying.

Explaining the forecast, Nakajima said the Government has introduced numerous incentives and created favorable conditions for foreign companies to invest in the country. Vietnam is also a signatory to many free trade and economic partnership agreements and is gradually joining global supply chains.

Most of the world’s financial institutions, such as the International Monetary Fund, have said that Vietnam may be the only Southeast Asian nation to post economic growth this year, he added.

Various Japanese firms in Vietnam have been hurt by the pandemic, resulting in stagnating investment inflows.

Speaking at the event’s plenary session, AJC Secretary General Masataka Fujita underlined the need to bolster cooperation between Japan and Vietnam to overcome the impact of the pandemic.

He noted that the seminar aims to further connect the two countries’ businesses and help them seek suitable partners.

According to Director of the Trade Promotion Department Vu Ba Phu, Japan has been an important investor in Vietnam during the 47 years of diplomatic ties between the two countries. Stronger investment from Japan in the future and technology transfer incentives are expected to improve Vietnam’s technological and production capacity.

Vietnam had welcomed more than 2,000 Japanese investors as of late 2019.

Japan was Vietnam’s second-largest foreign investor last year, with registered capital totaling US$59.3 billion, or 16.7% of the total foreign investment.

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