The Japan External Trade Organization in HCM City, the Investment and Trade Promotion Centre, the HCM City Centre for Supporting Industries Development, and Reed Tradex Vietnam sign a MoU in HCM City on Wednesday to organise the Supporting Industry Show within the virtual METALEX Vietnam 2020. — VNS Photo

HCM CITY — METALEX Vietnam, an annual exhibition on machine tools and the metalworking industry, will be virtual this year and feature meetings, business matching events and tech talks among other events.

The Japan External Trade Organization (JETRO) in HCM City, the Investment and Trade Promotion Centre (ITPC), the HCM City Centre for Supporting Industries Development (CSID), and Reed Tradex Vietnam will also organise the Supporting Industry Show on its sidelines to strengthen links between Vietnamese and Japanese supporting industries.

Joint exhibitions will be held on October 23 and 24.

Leading Japanese firms will showcase parts they are seeking to source at the Hotel Nikko Saigon during the two days.

There will be a Vietnamese - Japanese matchmaking event, technology showcases, seminars, business consulting, and other activities.

Speaking at a press conference held to introduce the exhibitions, Vũ Trọng Tài, general manager of Reed Trade Vietnam, said Việt Nam remains an attractive investment destination for foreign enterprises.

This is due to the constantly growing economy, various strategic investment promotion policies and the trade agreements signed recently.

According to the newly published Global Economic Outlook report by Oxford Economics, the recovery prospects look brightest for Việt Nam and the country is expected to be the only Southeast Asian economy to record positive growth this year.

Its success in controlling the COVID-19 pandemic has also attracted investors.

Hirai Shinji, chief representative of JETRO in HCM City, said a survey of Japanese firms that have an overseas base and are planning to further expand operations found 48.1 per cent of 3,563 firms plan to expand their operations in China, a significant drop from the previous year (55.4 per cent).

Forty one per cent plan to expand in Việt Nam, up 5.5 percentage points from a year earlier.

The Japanese Government has launched a support programme for Japanese firms to diversify their supply chains in Southeast Asia under which 30 received approval, including 15 that want to expand their factories in Việt Nam, he said.

Tài said: “In order to seize opportunities from global supply chain diversification, Vietnamese industrialists should enhance their competitiveness by upgrading machinery and technologies … and develop their human resources."

Shinji said: “In manufacturing, since 2010 the rate of Việt Nam’s domestic procurement has gradually increased. However, the gap has not been bridged with other countries such as China, Thailand and Indonesia."

Lê Thanh Phong, head of the ITPC’s Invesment Promotion Division, said the exhibitions would be an important event for businesses in the manufacturing and supporting industries.

It would give them an opportunity to learn about the latest technologies and explore metalworking solutions that could add value to their products, he said.

The business matchmaking programmes and face-to-face meetings would help businesses find partners, he added.

Lê Nguyễn Duy Oanh, CSID’s deputy director, said: “Vietnamese firms should take advantages of this opportunity to connect with Japanese firms. By working with Japanese firms, they can learn a lot, which would help them improve their competitiveness … and participate in the global supply chain. — VNS