Expo and exhibition expected to bring cooperation opportunities for Vietnamese, Japanese firms

The organizers are RX Tradex Vietnam, Japan External Trade Organization (JETRO) and Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade.

The MOU signing ceremony of the organization of the 10th Vietnam - Japan Supporting Industry Exhibition (SIE) and the 14th Vietnam Manufacturing Expo (VME) (Photo: dangcongsan.vn)

Speaking at the press conference to announce the events on June 20, RX Tradex Vietnam General Director Vu Trong Tai said that the World Bank's half-year report on Vietnam's economic situation points out that to achieve the goal of becoming a high-income country by 2045, Vietnam needs to exploit its diversified services more effectively to sustain sustainable productivity growth. It is necessary to implement reforms that enhance productivity in the service sector and make cross-sectoral contribution to productivity growth in the manufacturing and agriculture sectors.

Chief Representative of JETRO in Hanoi Takeo Nakajima said that, according to a survey by JETRO, the percentage of Japanese companies purchasing raw materials, components and accessories in Vietnam has increased from 28% in 2012 to 37% in 2022. Although this rate has increased, it is still very slow compared to the economic development of the two countries.

With the initiative to raise the localization rate, JETRO organized the Vietnam - Japan Supporting Industry Exhibition (SIE) alternately in Hanoi and Ho Chi Minh City with the cooperation and support of the Vietnamese government.

Viettrade Director Vu Ba Phu said that Vietnam currently has about 2,000 enterprises producing spare parts and components, of them only about 300 enterprises have participated in the multinational supply chain, creating jobs for more than 600,000 workers. The number of enterprises operating in the supporting industry currently accounts for nearly 4.5% of the total number of businesses in the processing and manufacturing industry.

He said that the organization of the Vietnam - Japan Supporting Industry Exhibition is of great significance, helping Vietnamese enterprises enhance their production capacity and better connect with Japanese partners.

Source: VNA