A view of Toyota Viet Nam's factory in Vinh Phuc Province. Viet Nam is a promising destination for investors. VNA/VNS Photo Danh Lam

A recent survey of the Japan Bank for International Cooperation (JBIC) has shown that 36.4 per cent of Japanese businesses operating overseas viewed Viet Nam as a promising investment destination in the middle and long terms, up 2.5 per cent from 2018.

Viet Nam has risen to third in the JBIC rankings with 36.4 per cent of the vote, and also made the most impressive progress among the top 10 markets for Japanese businesses.

Winning 47.8 per cent of the vote, India was chosen as the top potential market for Japanese firms, while China dropped to second position with 44.6 per cent, down 7.6 per cent over 2018.

Thailand fell to fourth position with 32.9 per cent, followed by Indonesia and the US.

In the 10-year outlook, Viet Nam also ranked third with 34.8 per cent after India and China.

The JBIC said that Japanese firms have high confidence in Viet Nam’s future growth as well as a low-cost and high quality labour force.

However, they also expressed concern over fierce competition as well as rising labour costs and difficulties in recruiting management personnel, stated the survey. — VNS