STRENGTHEN SUPPORTING INDUSTRY FOR BOTH JAPANESE AND VIETNAMESE COMPANIES IN VIETNAM
The Vietnam-Japan Economic Partnership Agreement (VJEPA) was signed by the two Governments in 2008, took effect from 2009. This is a comprehensive bilateral agreement to boost trade liberalization of goods and services, economic co-operation and investment between the two countries Vietnam and Japan. It has been also agreed to enhance Supporting Industry sector in Vietnam. On the other hand, development of Supporting Industry is one of the themes under the frame work of the “Vietnam-Japan Joint Initiative” which was launched to improve business climate in Vietnam upon the agreement of the two Prime Ministers.
In order to realize the mission, we Japan External Trade Organization (JETRO) and Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Trade and Industry have jointly co-ordinated to hold “Vietnam-Japan Exhibitions on Supporting Industries” every two years since 2005. 2019 is the 8th time, such kind of this exhibition taken place from 14 to 16 August 2019 at Cultural Palace in Hanoi. 55 exhibitors from both Japan and Vietnam operating in supporting industry look for a fruitful and long-term business co-operation with one another at the exhibition this time.
A JETRO’s survey released recently shows that localization rate for parts production has tended to gradually improve since 2010, which was an achievement recorded by Vietnamese entrepreneurs’ efforts. In 2018, the figure rose to 36.3% from 33.2% in the previous years. Notably, the rate was the highest rise among the surveyed countries that helped Vietnam for the first time surpass Malaysia. The higher localization ratio, the less products are imported from overseas countries done by Japanese manufacturers and assemblers leading to reduce investment cost and make Vietnam more attractive in investors’ eyes.
“We highly appreciate this achievement and express our respect to the concerned parties who have been contributing to the localization rate increase. JETRO commits to stand by with Vietnam in the cause of supporting industry development in Vietnam, bring benefit for the participating companies”. Said by Mr. Hironobu KITAGAWA, JETRO Hanoi’s Chief Representative.
9:00 – 17:00, from 14 to 16 August 2019
I.C.E. Hanoi (Cung Van Hoa), 91 Tran Hung Dao, Hanoi, Vietnam. VME 2019 will be displaying latest machinery and technologies for the manufacturing and supporting industries by 200 brands from 20 countries. The event will be the industry’s connecting hub where over 10,000 Industrial part-making factory owners, engineers and industrialists will gather to discover new solutions and partners via on-site seminars, workshops and other special activities offered at exhibitor’s booths only.For more information about VME 2019, kinldy visit: www.vme-expo.com