Numerous Japanese firms consider moving part of their production chains to Vietnam
Many Japanese companies are considering a plan to move part of their production chains to Vietnam in the time ahead, according to the Vietnam Trade Office in Japan.
M-Tech Osaka, Japan's largest trade show for mechanical components and materials technology opened in Osaka prefecture on October 6, featuring the participation of many big brand manufacturers from industrial powers in the world such as UK, France, Germany, USA, the Republic of Korea, and China.
The three-day event running from October 6-8 offers Vietnamese enterprises a good opportunity to introduce various products, seek cooperation opportunities and engage in the global value chain, while simultaneously having access to advanced and modern production technologies.
Vietnamese businesses find it difficult to attend this year's trade show and deal directly with foreign partners due to the impact of the COVID-19 pandemic.
However, with the support from the Vietnam Trade Office in Japan, Vietnam-Europe Mechanical Joint Stock Company successfully registered for a booth at the exhibition, which has drew the attention of visitors who want to learn and seek cooperation opportunities with the Vietnamese firm.
According to statistics, the export value of products relating to the support industry between Vietnam and Japan in 2020 reached US$ 1.1 billion, accounting for 5% of Vietnam's total export turnover to the East Asian nation.
This is considered a remarkable result from the efforts of the two Governments to promote bilateral cooperation in this field.
Of the six priority sectors of the industrialization strategy within the framework of Vietnam-Japan cooperation, three are three ones relating to the support industry, including electronics, agricultural machinery and automobile manufacturing.
The outbreak of the COVID-19 pandemic in early 2020 disrupted and broke some parts of the supply chain, causing a wave of Japanese businesses shifting their supply chains from China to neighboring countries in Southeast Asia like Vietnam, and Thailand.
According to the Vietnam Trade Office in Japan, Vietnam's support industry as well as businesses in this field need to stay active to seize new opportunities for investment attraction and business cooperation.