Japan Bank for International Cooperation Headquarters. Photo: JBIC

This year's survey received responses from nearly 500 Japanese businesses that have been, are, or will be investing abroad. India is at the top of the list and has held the top position for three consecutive years. The US ranked third, followed by Indonesia, Thailand, and China.

Japanese businesses favor Vietnam for the quality of its human resources and consider Vietnam a good destination for relocating production facilities, according to the survey.

Economists say Vietnam's advantage of abundant human resources and low costs is now shifting to high-quality human resources. With its selective investment attraction policies, favorable geographical location, and abundant high-quality human resources, Vietnam will continue to lure investors from Japan and elsewhere.