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By Tam Tran, Head of Markets, KPMG in Vietnam and Cambodia
July 2025
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As Vietnam shifts from quantity-driven growth to a value-led and sustainable development model, Japanese firms stand at the cusp of transformative opportunities, and mounting pressures, across Southeast Asia’s most dynamic frontier.
With a targeted GDP growth of 6.5 - 7.0% annually to 2030, Vietnam is now prioritizing quality foreign direct investment (FDI) through a trio of new policies: Resolution 68, the Power Development Plan 8 (PDP8), and the Semiconductor Master Plan. These initiatives aim to restructure the economic base through technology transfer, clean energy, and supply chain localization, areas where Japan holds deep capabilities.
Tran Thanh Tam
Director, Head of Markets Group
KPMG in Vietnam and Cambodia
Tran Thanh Tam
Director, Head of Markets Group, KPMG in Vietnam and Cambodia
As the Head of Markets for KPMG in Vietnam and Cambodia, Tam brings his Market Research & Consulting expertise to develop strategies on how KPMG goes to market, collaborating to unlock the value and leverage the power of industries in our pursuits.
He and his team’s focus is on market development and execution, marketing & communication, corporate affairs, and evaluating and integrating our solutions to meet the evolving needs of our clients.
Taninaka Yasuhisa
Director, Markets Group
Head of Japanese Desk
KPMG in Vietnam
Taninaka Yasuhisa
Director, Markets Group, Head of Japanese Desk
KPMG in Vietnam
Taninaka’s role is to assist Japanese companies in succeeding in their overseas business and he collaborates with our audit, tax and advisory teams to provide clients with professional solutions.
Taninaka had been working as an auditor for KPMG Japan, Tokyo Office from 2003 to 2011 and is currently a Director of Japan Desk in KPMG Ho Chi Minh. He has been involved in various external audit engagements including American and Japanese statutory audits and annual financial statements audits for multinational clients, requiring him to gain a comprehensive understanding of U.S. GAAP, J GAAP, and international auditing standards.
He moved to KPMG Vietnam, Hanoi office in July 2011, and has since been advising on investment in local Japanese companies, accounting, taxation, legal affairs, and human resources.
1. Vietnam's Policy Shift: A Platform for Japan’s Strategic Expansion
Vietnam’s evolving model promotes:
- Tech-intensive FDI with clear commitments to ESG, innovation, and local talent
- $135 billion+ in energy infrastructure (PDP8) focusing on wind, solar, hydrogen, and grid modernization
- A national semiconductor roadmap pushing for investments in design, assembly, and testing
- Streamlined regulatory pathways for high-value investors
According to the 2024 JETRO FDI Intent Survey, Vietnam ranks #1 among ASEAN destinations for Japanese manufacturing expansion. Japan is already Vietnam’s 3rd-largest investor with over $71 billion in cumulative capital (MPI, 2025).
2. Where Japan Can Win: Sector-Specific Strategic Angles
| Sector / Theme | Opportunity for Japanese Firms |
|---|---|
| Green Energy & Infra | PDP8 opens long-term PPP and EPC roles. |
| Smart Cities & Digital Public Services | Technology companies can scale govtech pilots across Hanoi, HCMC, Da Nang. |
| Semiconductors | Build design centers, packaging plants, and talent hubs in partnership with NIC and MOIT. |
| Auto & Precision Manufacturing | JV with Vietnamese peers to leverage CPTPP, EVFTA, RCEP export routes. |
| Vocational Talent & R&D | Co-develop technical colleges or STEM bootcamps for robotics, AI, and embedded systems. |
3. The Risk Landscape: Challenges to Monitor Closely
- Tighter ESG enforcement & scrutiny on "low-impact" FDI means token investments won’t suffice.
- Labor shortages in urban centers are driving costs up (~7.1% wage CAGR), pushing firms inland.
- Compliance headwinds around e-invoicing, digital tax, and local content are intensifying.
- Electricity grid constraints and logistics bottlenecks could delay major industrial rollouts.
4. How KPMG can help:
KPMG Japanese Practice is working closely with Japanese clients to manage both regulatory risk and growth opportunity:
- Deliver bespoke regulatory briefings on Resolution 68, PDP8, and tax changes
- Design Vietnam entry/localization roadmaps, including JV or M&A structures
- Co-structure green infra and smart city PPPs under Japanese public-private frameworks (e.g., METI–MPI)
- Guide ESG audits, carbon roadmaps, and supply chain decarbonization
- Support cross-border corridor deals leveraging Japan-Vietnam bilateral cooperation