Japan is one of the four largest importers of Vietnam, only behind China, the Republic of Korea and the US, according to the latest report by the Industry Agency under the Ministry of Industry and Trade.

Illustrative image (Photo: VNA)

Over the years, Japan has assisted Vietnam in human resources training, business management and market development to increase revenue and cut manufacturing costs. 

The automobile sector and its supporting industry have posted positive growth under Vietnam’s industrialization strategy within the Vietnam – Japan cooperation framework. 

Japanese automobiles firms recorded the highest rate of locally-made products in their Vietnamese factories, reaching 37 percent for the Innova Toyota model. Industrial zones for Japanese small and medium-sized enterprises have been formed in several localities such as Ba Ria – Vung Tau and Ha Nam, promoting the development of the supporting industry for the auto sector. 

As part of a project to boost Japanese investment in the supporting industry, a Vietnamese delegation along with eight electronic firms visited the Japanese central prefecture of Ishikawa to attend the 57th Kanazawa mechanical manufacturing exhibition, and learn from Takamaz and Shibuya corporations that are providing equipment for Vietnam. 

As a result, three Vietnamese companies were asked to send price quotes while the Japanese side also mentioned the possibility of cooperating with Vietnam in the supporting industry as soon as possible. 

Joint work on the supporting industry has also been incorporated into activities by the Vietnam – Japan Cooperation Committee, the Vietnam – Japan Joint Initiative, industrialisation strategy, cooperation programme with the Japan International Cooperation Agency and the Japan External Trade Organisation and investment promotion programmes in Japan.