Japanese manufacturers are looking even more favorably on the ASEAN region and especially Vietnam as a base of operations, according to the Asian Nikkei Review.
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The Asian Nikkei Review quoted a survey from Mizuho Research Institute as saying that Vietnam has gained attention from Japan as an export base for textiles and other products following the signing of the Trans-Pacific Partnership.
The survey showed that some 43.8% of respondents cited the Association of Southeast Asian Nations as the region where they plan to devote their greatest efforts moving forward. That is an increase of 2.3 percentage points over the survey conducted last year and the fourth year in a row that ASEAN topped the list.
The think tank conducted the survey in February, targeting Japanese manufacturers capitalized at US$92,000 or more. The institute received valid responses from 1,100 companies.
Increasing interest in Vietnam was clear from the responses. Asked to list the ASEAN countries in which they plan to focus, 53.5% of manufacturers cited Vietnam, up 4.9 percentage points over last year.
Asked where they plan to expand investments among the 12 signatory nations to the TPP agreement, 12.8% of respondents cited Vietnam, 10.7% cited Japan and 4.9% said the U.S.
Meanwhile, manufacturers continued to pull out of China as the economy there slows. Only 67.4% of manufacturers said they have bases in China, which is a 2-point drop from last year and the second decline in a row.
