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Vietnam becomes bigger source of earnings for Japanese firms

Vietnam has surpassed Malaysia to become a bigger source of earnings for Japanese firms, according to the Bank of Japan (BoJ).
Vietnam becomes bigger source of earnings for Japanese firms ảnh 1Illustrative image (Source: VNA)
Tokyo (VNA) - Vietnam has surpassed Malaysia to become a bigger source ofearnings for Japanese firms, according to the Bank of Japan (BoJ).

The BoJ statistics, quoted by Japan’s Kyodo news, showed that Japan's foreigndirect investment (FDI) in Vietnam totalled 198.1 billion JPY (1.74 billion USD)last year, up 70 percent from 2014, on the back of an increase in the number ofJapanese businesses in the country and its high economic growth.

Thecombined number of registered firms at Japanese business associations in Hanoiand Ho Chi Minh City has increased by more than 250 since 2014 to nearly 1,500as rising labor costs in China have prompted them to open plants in Vietnam.

Accordingto a survey by the Japan External Trade Organisation, nearly two-thirds ofJapanese businesses in the country are profitable.

Incontrast, Japan's FDI income from Malaysia dropped about 24 percent from 2014to 167.5 billion JPY in 2016. -VNA
VNA
#source of earnings#Kyodo news#registered firms#Japan External Trade Organisation#foreign direct investment#Kyodo news
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