베트남 제조업 부문에 대한 일본 투자 현황 분석: 새로운 시대의 비전과 글로벌 가치 사슬의 변화

Mapping Japanese investment in Vietnam Manufacturing sector

166월2026

B&Company

B&Company는 2008년부터 베트남에서 시장 조사 및 투자 컨설팅을 전문으로 하는 첫 일본 회사입니다.

본 논문은 영어로 작성되었으며, 다른 언어 버전에서는 자동 번역이 사용됩니다. 정확한 내용은 영어 버전을 참조해 주시기 바랍니다. 원문 정보의 정확성을 보장하기 위해 최선을 다하고 있지만, 각 정보는 별도로 확인하시기 바랍니다. 해석 및 향후 전망은 각 연구자의 개인적인 의견입니다.

Japanese FDI in Vietnam is not only an economic trend but also a reflection of the strong comprehensive strategic partnership between the two countries. Over the past three decades, Japanese companies have been key players in developing Vietnam’s processing and manufacturing industries. In 2024–2025, this investment landscape is shifting from traditional labor-intensive sectors toward high technology, semiconductors, and green energy. This transition is driven by geopolitical uncertainty, global supply chain restructuring under the “China Plus One” strategy, and new-generation FTAs such as the CPTPP and RCEP. Overall, Japanese FDI reflects the convergence of Vietnam’s political stability, geographic advantages, and modernization goals with Japan’s long-term vision and high-quality standards.

Overview of Japanese Investment in Vietnam, with a Focus on the Manufacturing Sector

일본의 베트남 투자 역사를 되돌아보면, 일본의 외교 정책 변화와 베트남의 경제 통합 과정을 반영하여 시기별로 뚜렷한 변화가 있었음을 알 수 있습니다.

표 1. Japanese FDI in Vietnam Across Key Periods

기간	Investment Position	Newly registered and increased capital (billion USD)	Strategic Characteristics
2013 – 2016	Leading in 2013 and Top 2 in 2016	5.87 (2013); 2.58 (2016)	Established the foundation for “China Plus One,” with a focus on components
2017 – 2019	Ranked No. 1 in 2017 and 2018, Top 4 in 2019	9.11 (2017); 8.59 (2018); 2.93 (2019)	Strong relocation momentum, with a sharp increase in disbursed capital
2020 – 2023	2위 – 3위	2.1 (2020); 6.57 (2023)	Pandemic adaptation and supply chain restructuring
2024 – 2025	Stable growth	1.62 (2025)	Focus on high-tech manufacturing and energy

출처: The World Bank, b-company.jp 그리고 Kinhtevadubao.vn

From 2013 to 2016, the “China Plus One” strategy began to take shape, as Japanese companies sought to diversify beyond China and reduce risk [1]. During this period, Japan consistently remained among Vietnam’s key investors. The shift initially focused on electronic components and basic assembly, laying the foundation for industrial clusters in northern Vietnam.

The 2017–2019 period marked a major turning point, as Japanese investment in Vietnam expanded sharply. This phase saw the substantive relocation of large-scale projects and deeper participation by multinational corporations in Vietnam’s manufacturing infrastructure [1].

2020년부터 2025년까지 코로나19 팬데믹으로 인한 심각한 혼란에도 불구하고 일본 기업들의 베트남에 대한 신뢰는 견고하게 유지되었으며 빠르게 회복되었습니다[2]. 2025년 베트남에서 신규 허가 프로젝트를 진행한 90개 국가 및 지역 중 일본은 싱가포르, 중국, 홍콩에 이어 4위를 차지했습니다. 일본 투자자들은 16억 2천만 달러의 신규 외국인 직접 투자를 등록했으며, 이는 베트남 전체 신규 등록 외국인 직접 투자액의 9.4%에 해당합니다[3]. 이러한 회복세는 높은 수익성에도 반영되어 베트남에 진출한 일본 기업의 64% 이상이 2024년에 수익을 낼 것으로 예상했는데, 이는 전년 대비 약 10%포인트 증가한 수치입니다[4].

Japan’s Manufacturing Ecosystem in Vietnam

Japan’s manufacturing ecosystem in Vietnam is multi-layered, spanning heavy industry, automotive, electronics, consumer goods, and food. This structure reflects not only Japan’s technological strengths but also its strong adaptation to Vietnam’s 100-million-consumer domestic market.

Automotive and motorcycle industry: Pillar of sustainability

The automobile and motorcycle manufacturing industry is a traditional sector in which Japanese companies have established a strong position. Honda and Toyota have not only built factories but also developed extensive supplier networks, creating tens of thousands of jobs and contributing significantly to the GDP of Vinh Phuc province and surrounding areas. Other major companies, such as Yamaha and Isuzu, also maintain strong operations, further strengthening the transport vehicle value chain [5].

Electronics and imaging equipment industry: Regional technology hub

The presence of Canon, Panasonic, Sony and other electronics groups has put Vietnam on the world map of digital device manufacturing. A notable point is the form of 100% foreign capital investment, which accounts for a very high proportion, reaching 83.67% of the total number of projects, showing the desire of Japanese investors to completely control the technology process and product quality[6].

Food and Consumer Goods Industry: The Intersection of Cultural Production

식품 분야에서 일본 기업들은 선진 생산 기술과 베트남 소비자들의 입맛을 결합하여 큰 성공을 거두었습니다. 에이스쿡 베트남이나 아지노모토 베트남은 베트남에서 증가하는 품질 중심 소비 트렌드를 성공적으로 활용한 대표적인 사례입니다.

Geographical distribution and industrial cluster linkages

Japan’s investment map reflects a strategic distribution shaped by each locality’s logistics advantages and investment incentives. The development of Japan-oriented industrial zones and support services, such as Japan Desks, has created a more integrated and efficient manufacturing environment. Northern Vietnam, especially Hanoi, Hai Phong, Bac Ninh, and Vinh Phuc, has the highest concentration of Japanese manufacturers and serves as a national hub for machinery, electronics, and logistics. In the South, provinces such as Binh Duong, Dong Nai, and Ba Ria–Vung Tau are preferred destinations for heavy industries, including petrochemicals and supporting industries [7].

New Era: Semiconductor and Green Manufacturing

One of the most notable trends in Japan’s current investment landscape is the shift toward high-tech industries, particularly semiconductors. This is no longer just a forecast, but has materialized into concrete commitments through strategic initiatives between the two governments.

Table 2. High-tech projects and future orientation

Projects/Field	Core Objective	Scale/Vision	Timeframe/ Progress
Semiconductor Chips/ NEXUS	Research on AI SoC, 3D IC, transistors, and advanced semiconductor devices	Approx. USD 100 million under Japan’s NEXUS-related framework; Master’s and PhD-level talent development	– 일본의 넥서스 프로그램에 따라 2024년부터 2029년까지 시행됩니다. 베트남-일본 공동 반도체 연구 프로젝트는 2025년 10월부터 2029년 3월까지 진행될 예정이며, 2026년에는 추가 공동 연구 프로젝트를 통해 확대될 계획입니다. 베트남 국립대학교(VNU)는 호아락에 IC 설계, 제조 및 테스트 인프라를 포함한 반도체 연구 및 교육 역량을 개발하고 있으며, 2030년까지 1만 명의 반도체 전문가를 양성하는 것을 목표로 하고 있습니다.
Renewable Energy	Wind, solar, biomass, and waste to energy power	Support Net Zero 2050 commitments and CPTPP-related objective	이는 단일 프로젝트라기보다는 중장기적인 협력/투자 테마로 다뤄야 합니다. 베트남은 2050년까지 탄소중립을 목표로 하고 있으며, PDP8은 2030년까지 바이오매스와 폐기물 에너지화를 통해 2,270MW의 전력을 생산하는 것을 목표로 하고 있습니다. 일본 관련 진전 사항으로는 Erex가 하우장, 뚜옌꽝, 옌바이에서 진행 중인 바이오매스 프로젝트와 일본-베트남 공동 신용 메커니즘을 통한 지속적인 협력이 있습니다.
Innovation / Digital Transformation /DX	Digital transformation in manufacturing processes	Raise efficiency through AI and IoT	– 2025년까지의 베트남 국가 디지털 전환 계획에 맞춰 추진되었으며, 2030년까지의 목표를 지향합니다. - 반도체 생태계에서 하노이와 호치민시에 베트남국립대학교(VNU) 및 하노이 과학기술대학교와 협력하여 공동 연구실이 구축되고 있는데, 이는 디지털 및 연구 개발 인프라가 이미 구축 중임을 보여줍니다.
Power electronic components	Development of equipment for electric vehicles and smart grids	Optimize energy efficiency	- 에너지 관리 칩용 광대역 반도체 소재 및 소자에 관한 관련 NEXUS 반도체 프로젝트는 2025년 10월부터 2029년 3월까지 진행될 예정입니다. 이 프로젝트는 GaN, β-Ga₂O₃ 및 SrTiO₃ 소재, 고전압 다이오드, HEMT 및 에너지 절약형 DC-DC 컨버터와 고성능 전자 장치를 위한 플렉서블 소자에 중점을 두고 있습니다.

Source: B&Company’s synthesis from [8], [9], [10]

Investment environment and support mechanisms

The success of Japanese FDI has been supported by policy dialogue mechanisms and professional trade promotion organizations.

Vietnam–Japan Joint Initiative

Launched in 2003, this special intergovernmental cooperation aims to improve Vietnam’s business environment. Across eight phases, 497 out of 594 action items were completed successfully and on schedule, equivalent to 84% [11]. The new phase, launched in March 2024, goes beyond addressing administrative procedures and expands into new areas such as high-skilled human resource development and supporting industry promotion. Keidanren’s involvement ensures that the perspectives of major Japanese corporations are heard by Vietnamese policymakers [8].

JETRO’s Role and Business Matching Activities

The Japan External Trade Organization (JETRO) plays a central role in connecting businesses from both countries. Through platforms such as e-Venue, JETRO helps Vietnamese and Japanese businesses quickly and efficiently find partners. Technology transfer support programs, such as the linkage program between Toyama Prefecture and Vietnamese businesses, are helping to enhance the capabilities of the domestic manufacturing sector [12]. JETRO also frequently conducts surveys on the current situation of Japanese companies, providing valuable data on profit prospects and investment expansion trends [4].

Conclusion and Strategic Outlook

In conclusion, Japanese investment in Vietnam’s manufacturing sector is entering a new phase marked by higher quality, advanced technology, and greater sustainability. As the country gradually evolves from an assembly base into an R&D hub for strategic industries such as semiconductors and clean energy, the macro-level support from institutions like JETRO and Keidanren remains a vital pillar of this industrial modernization. However, translating this institutional goodwill into on-the-ground operational success requires expanding or incoming enterprises to look beyond generic market indicators. To effectively mitigate operational risks and secure a sustainable first-mover advantage, investors must focus on solving practical execution challenges—most notably through rigorous pre-feasibility site selections and the strategic vetting of high-quality domestic Tier-1 partners who can seamlessly match strict Japanese technical and sustainability standards.