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Vietnam in spotlight as post-flood production base
Vietnam has emerged as a promising production site for Japanese businesses looking for nearby alternative locations after severe flooding crippled their factories in Thailand last year, according to Nikkei.
The Japan's leading business daily was quoted as saying that a series of Japanese enterprises are planning to build factories in Vietnam of which JS Group Corp. invested around ¥30 billion to set up a window sash plant and Kobe Steel poured ¥100 billion to construct a steel mill.
Meanwhile, Canon and Honda are boosting their presence in Vietnam with the total investment of around ¥300 million.
According to the Japan External Trade Organization (JETRO), in 2011, the number of Japanese investment projects increased two fold against 2010 to 208 with the total value of ¥145 billion.
Nikkei reported that Vietnam is appreciated for numerous advantages including abundant labour (75 per cent under 40 years old) and low labour costs.
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Vietnam’s business outlook has left European enterprises little to cheer about.