With the signing of the Trans-Pacific Partnership, Japanese manufacturers are looking even more favorably on the ASEAN region and especially Vietnam as a base of operations.

Some 43.8% of respondents to a survey by the Mizuho Research Institute cited the Association of Southeast Asian Nations as the region where they plan to devote their greatest efforts moving forward.

Thailand, where auto industry growth is slowing, was cited by 59.7% of companies, but that is a dip of 2.2 points from last year. Interest in Indonesia waned 4.7 points to 41.5%.

That is an increase of 2.3 percentage points over the survey conducted last year and the fourth year in a row that ASEAN topped the list.

The think tank conducted the survey in February, targeting Japanese manufacturers capitalized at 10 million yen ($92,000) or more. The institute received valid responses from 1,100 companies.

Increasing interest in Vietnam was clear from the responses. Asked to list the ASEAN countries in which they plan to focus, 53.5% of manufacturers cited Vietnam, up 4.9 percentage points over last year.

With the signing of the TPP this February, Vietnam has gained attention as an export base for textiles and other products.

Source: Japan manufacturers eye Vietnam as export base- Nikkei Asian Review

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Global Woes Cast Shadow over ASEAN+3 Growth

The continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area are weighing on the region’s outlook.

China’s Reopening Should Bring Timely Boost to ASEAN+3

Deteriorating global economic conditions are weighing on the region’s outlook, but China’s reopening last December should provide some counterbalance.