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Japan

Rushing to Grab a Piece of Vietnam
****Japanese companies are rushing to set up offices and contacts in resource-rich Vietnam in anticipation of the lifting of an economic embargo against Vietnam imposed by Washington Robin Elsham of IPS reports from Tokyo.***
THE Japanese government has described Foreign Minister Taro Nakayamas recent four-day visit to Vietnam — the first by a Japanese foreign minister to the South-east Asian nation since 1972 — as a peace mission.
But some irreverent wags here ask if that shouldn't be "piece mission”, that Is, a mission to grab a piece of the action.
The play on words relates to why Japan is anxious to sec peace in Cambodia. Nakayama went to Vietnam to urge Hanoi to pressure the Phnom Penh government it helped tnslal to settle the 12-ycar-old Cambodian civil war.
Behind Tokyo's warmhearted interest in bringing an end to war is an even hotter desire to serve its national self-interest: exceptionally valuable oil concessions off the coast of Vietnam.
Vietnam, reeling from the loss of Soviet aid and the need for hard currency to pay for its imports, is raffling off rights to foreign companies to drill for its substantial, high-grade oil deposits — estimated to yield from 300.000 to 500,000 barrels of oil a day over the next 15 years — in its territorial
waters.
But Japanese companies have not yet submitted bids and, like US oil companies, risk missing the chance to take part unless the freeze imposed by Washington, and supported by Tokyo, on trade and investment with Vietnam is soon abolished.
Washington declared the economic embargo at the end of the Vietnam war, and extended It after Vietnam invaded neighbouring Cambodia in late 1978. Its lifting has been made contingent upon the peaceful settlement of the Cambodian civil war that ensued.
That goal has appeared near in recent months, triggering a rush by major Japanese companies lo establish offices and con taels in Vietnam. Although not forbidden by Tokyo lo trade wllh resource-rich Vietnam, big Japanese companies held back for years, not wishing to offend either their own government, or the
United States.
But all that is rapidly changing. Vietnam badly needs money now, and its hurry lo sell off rights lo its most attractive resource may entice some Japanese oil companies to break ranks and Jump in ahead of any Cambodian peace accord.
In fact, one Japanese oil company, Sakhalin OH Development Corp, has already bought its way in and joined firms from 10 other foreign countries in sinking offshore wells. Other Japanese firms arc clearly straining at the kash.
The president of Mitsubishi
Oil Co met Vietnamese Prime Minister Do Muoi in April and expressed his firm's Intention to seek drilling rights.
Anbthcr Japanese-owned firm, Arabian Oil Co (so named for where it gets the bulk of Its oil), declared last week it too will seek rights. At least four other major Japanese firms are-interested.
But oil isn't the only Investment opportunity in Vietnam which has excited interest in Japan.
Hanoi introduced free-market reforms in 1986, culminating two years later in legislation permitting wholly owned
subsidiaries of foreign corporations.
More than 2,000 Japanese chambers of commerce members visited Vietnam in 1990, almost double the number the previous year and five times the number of French, British or Singaporean businessmen. And* at least 15,000 are expected to visit this year, according to a recent report by the Vietnam News Agency.
In October, a mission from the Japan Management Association, consisting of representatives of 15 industries, including textiles, electrical machinery and construction, is scheduled to tour Vietnam and meet with top government officials and business leaders.
The Japan-Vietnam Trade Association which represents Japanese firms already established in or trading with Vietnam, already has 80 member companies, including many of Japan's largest and best known, according to Mitsuo Iwasawa, an association official.
The big, well-known companies are doing the groundwork for when the government changes its policy, Iwasawa said.
The big general trading houses — Mitsubishi, Mitsui, Sumitomo, Nlssho Iwai, and Nichemen — have all opened ofljces and are gathering information on investment opportunities for dissemination to their extensive business network.
Big Japanese manufacturers are also investigating possibilities. attracted by the cheap labour and the Vietnamese reputation for industriousness, according to Iwasawa. JVC and Sanyo Electronics have already opened radio and television assembly plants.
All this activity couldn't have come at a better time for Vietnam, which struggling to cope with huge economic problems and is rushing to develop its surest bet of all — oil.
Japan which Imports all its oil and is more anxious than ever to diversify its suppliers after the Gulf crisis, is left fretting : can its oil companies afford to miss this opportunity for policies not of their own making?