Illustrative image. (Photo:vietnet24h.vn) Hanoi (VNA) – The 2021 Vietnam-JapanSupporting Industry Exhibition (SIE) and the Vietnam Manufacturing Expo (VME) will be held from September 15-17 with both onsite at the Viet Xo(Vietnam-Russia) Friendship Cultural Palace and online via the VME website.
Reed Tradex, ASEAN leadingexhibition organiser, together with the Japan External Trade Organisation (JETRO) inHanoi and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Trade andIndustry (MoIT), have recently signed a cooperation agreement to organise thetwo events.
The agreement aims to promote trade relations between Vietnam and Japan in manufacturing,industrial and supporting industries, and improve the competitive strengthsfor domestic manufacturing businesses to reach out to the global markets.
The year 2021 is a milestonefor domestic and international trading businesses to strongly transform withdigital technology and bounce back after the COVID-19 pandemic via strategies foroptimising resources and expanding business connections.
Besides the challenges from theinstability of the world economy, the effectiveness of new trade agreementssuch as the European Union - Vietnam Free Trade Agreement (EVFTA) and the UnitedKingdom - Vietnam Free Trade Agreement (UKVFTA), and policies to support andencourage foreign direct investment (FDI) from the Vietnamese government are expected to create potentialinvestment opportunities and partnerships for those who are ready to catch upwith market trends.
More than 200 booths of exhibitorsfrom 20 countries and territories, including Japan, the United States, theRepublic of Korea, China, Taiwan (China), Singapore, Thailand, Germany andRussia, are expected to take part in the two events, according to the organisers.
Products displayed at theexhibitions will comprise spare parts for automobiles, ⭕motorbikes, machinery andequipment for production.
VIETRADE Director Vu Ba Phu said supporting industries play an important role, laying thefoundation for the development of a highly competitive and sustainable industry.
The MoT has been implementing manysynchronous solutions to support investment development, technologyapplication, and development of manufacturing and supporting industries, hesaid.
“The organisation of Vietnam -Japan Supporting Industry Exhibition by VIETRADE in collaboration with theJETRO Hanoi is a great contribution to support Vietnamese enterprises toenhance production capacity and connect with Japanese partners,” Phu said,believing that the two exhibitions will become remarkable events,actively promote investment and trade cooperation between Vietnam and Japanin supporting industries.
Takeo Nakajima, ChiefRepresentative of the Japan External Trade Organisation (JETRO) in Hanoi, saidJapan is the second biggest foreign investor in Vietnam in terms of both number of projects and investment capital.
A JETRO survey in 2020 showed thatabout 50 percent of Japanese enterprises which have been investing in Vietnamanswered that they wanted to “expand business activities" in the next oneto two years that make Vietnam top among ASEAN countries for investment.However, the difficulties still remain, in which one of the biggest challengesis the low rate of localisation in raw materials, supplies and components ofJapanese enterprises in Vietnam (37 percent) and Japanese enterprises want tofurther enhance localisation activities.
He emphasised that SIE 2021 isorganised with the purpose to improve the localisation rate of Japaneseenterprises and increase the supply of components and industrial parts, addingthat during the two previous editions held 2017 and 2019 in Hanoi, 136 Japanese andVietnamese enterprises participated and achieved more than 8,500 tradingagreements with the total value of contracts reaching 3.8 million USD.
Vu Trong Tai, General Manager ofReed Tradex Vietnam, said despite the pandemic, Vietnam continue to be recognised by majorfinancial institutions with positive vibes, stable evaluation as an attractivedestination for in the China 1 strategy of global enterprises. For foreign investors, Vietnam is still a potential market with many opportunities in manufacturing and supporting industries, he added.
The two exhibitions will “double”the power༒ of business matching to support industrial businesses with access tonew technologies and expanding trading networks between domestic anꦬd foreignenterprises, especially between Japanese and Vietnamese firms, Tai said./.
