Japanese firms eye food and beverage sector

In order to boost investment, Fukuoka Prefecture and the Vietnam Chamber of Commerce and Industry held a joint business networking event for firms from the two countries in Hanoi on Wednesday, November 25^th.

This Japanese company sells products made from black vinegar and bird’s nest. Noting the increased popularity of black vinegar in Vietnam, the company has been looking for partner to sell its products in the country.

"In recent years, the average per capita income of Vietnamese people has increased, leading to increased consumption. With a population of over 90 million people, Vietnam is a very attractive market", said Masafumi Nakanishi, Chairman, Board of Director, Athena Company, Japan.

Japanese enterprises coming to Vietnam for investment opportunities are from Fukuoka Prefecture in the central southern Japan.  Fukuoka is particularly well-known for its food processing industry. The event delivered early results.

"Japanese firms have their own advantages. Our company also has our own strengths. We’re looking for common interests so we can sign a contract and then further co-operate", said Nguyen Huu Cuu, Vice Director, Hanoi Cuisine JSC.

"This is the first time we’ve organised a programme for Japanese enterprises to come and look for business opportunities in Vietnam. We plan to hold this event over the next 2 years. We’ll try to support Japanese firms to sign contracts with Vietnamese companies", said Tomoaki Oba, Director, New Business Development Support Office, Small and Medium Enterprise Promotion Division.

According to Japan External Trade Organisation, hundreds of Japanese companies in food and beverage sector are running businesses in Vietnam. They often import ingredients from Japan to ensure they produce authentic Japanese food. However, they still have some changes to suit Vietnamese tastes.  

Both Vietnam and Japan are potential members of the Trans-Pacific Partnership. If the agreement takes effect, about 10 thousand types of products imported from member countries will exempt from duty. This will create more favourable conditions for Japanese enterprises to invest in the sector.