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|Workers at the Vietnam-based Misumi Group Company. Japanese firms consider Vietnam the most attractive investment destination in Asia in part due to its emergence as a production hub. - Photo sggp.org.vn|
Among 630 respondents working for Japanese companies in East Asia, Southeast Asia, India and Australia, 35.7 per cent said Vietnam was the most promising economy for investment, Kyodo News quoted the survey as saying.
Japanese companies may consider expanding their businesses in Cambodia, Laos and Myanmar, but only after they open in Vietnam, a Japanese employee in the non-manufacturing sector in Vietnam said in the survey.
Meanwhile, 17.8 per cent of the respondents preferred India, making it the second most popular spot in the survey.
India has attracted Japanese investors with its high growth potential, according to the survey. They seen potential because of the country’s increasing population and incomes as well as demand for new products prompted by environmental regulations.
In the survey, China was the third most popular investment destination, chosen by 7.9 per cent of the respondents, down from 12.6 per cent in the 2017 poll. The decline was likely due to the US-China trade war.
Thailand, the second largest Southeast Asian economy after Indonesia, stood at fourth, favoured by 7.3 per cent of the respondents. It was up from seventh the previous year thanks to an economic recovery led by the automobile sector.