In late July, news that 15 Japanese companies received support from their Government to move to Vietnam from China became a hot topic in the media. Japan has always been among the leading foreign investors in Vietnam. — Photo congluan.vn According to the Japan External Trade Organisation (Jetro), they were among more than 80 firms whose moving out of China will be subsidised under a Japanese Government scheme. It said this was a move to diversify supply chains into various countries since many firms saw them disrupted due to the COVID-19 pandemic that broke out and spread especially in China. Nikkei said the Japanese Government would provide a total of 70 billion yen (US$653 million) to enable 87 companies to move their production lines out of China. But not only Japanese companies but many South Korean, European and the US companies too have recently opted for Vietnam as their investment destination to diversify their supply chains. LG Electronics has moved its entire smartphone production line from South Korea to Hai Phong City in northern Vietnam. Panasonic plans to move a large production line that makes refrigerators and washing machines from Thailand to Vietnam in September to improve cost efficiency. Through its key contractor… Read full this story
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