Chairman of the Japan-Mekong Business Cooperation Committee Yoshihisa Suzuki has said that Vietnam is becoming an attractive destination for expanding the services sector and startups for Japanese enterprises.

Speaking at the recent Vietnam-Japan Economic Forum 2023 in Hanoi, Mr. Yoshihisa spoke highly of relations between the two countries, which he stressed have helped Japanese enterprises feel secure.

In order to ensure supply chains in the face of geopolitical risk, many Japanese enterprises are paying greater attention to Vietnam and other ASEAN countries, he said.

Apart from its appeal as a production base, Vietnam, as a consumption country with a population of nearly 100 million, the majority of whom are young, has also become attractive for expanding the services sector and startups for Japanese enterprises, he said.

Japan is among the three largest foreign investors in Vietnam, with some 4,835 projects and capital of over $64 billion.

Two-way trade stood at nearly $50 billion last year, making Japan the fourth-largest trade partner of Vietnam, he said, adding that with a vision for the next 50 years, the two countries boast substantial potential to boost economic cooperation.