The meeting explored cooperation of companies operating in supporting industries.

About 120 Vietnamese companies, 60 Japanese enterprises operating in Vietnam, and 23 Japanese firms looking for suppliers participated.

Japanese companies want to cooperate with Vietnamese firms to increase the ratio of materials supplied by Vietnamese firms. Success could help Japanese companies reduce production costs.

The local content ratio of products made by Japanese manufacturers in Vietnam last year was 32.1 per cent. This is more than the 26.2 per cent in the Philippines, but less than the 65 per cent in China, 56 per cent in Thailand, and 41 per cent in Indonesia, according to JETRO.

Tran Lê Diem Châu, deputy chief of HEPZA’s investment office, said that 17 export processing and industrial zones in the city attracted 1,387 projects, with total registered capital of around US$9 billion. Of those projects, 559 are foreign investment projects with total investment capital of around $5.4 billion.

According to Nguyen Tuan, vice director of the Investment and Trade Promotion Centre, the development of supporting industries is essential for economic development.

The Ministry of Industry and Trade has an approved support industry master plan, which includes goals through the year 2030. Vietnam will focus on: metal parts and components, plastic-rubber, electrical-electronics, textile-footwear, and high technology to support the industrial sector.