After more than 40 years since trade relation between Vietnam and Japan was established, the current economic relation between 2 nations has been dynamically developed. Japan is among the most significant economic partners of Vietnam and Vietnam has also become an important economic partner of Japan.
The growing economic relation between 2 countries is indicated by the growing interest in investment of leading Japanese corporations including Honda, Sony, Toyota, Canon…
According to statistics of Ministry of Industry and Trade, the two-way trade of Vietnam and Japan was only 9.93 billion USD in 2006; nowadays the number has reached 30 billion USD and will possibly double that in 2020.
Only in 2016, export to Japan from Vietnam reached 14.68 billion USD, making Japan the second largest export market of Vietnam after China.
Currently businesses of the two countries continue to promote the achievements by actively taking advantage of the opportunities brought about by the Vietnam - Japan economic partnership agreements (VJEPA). According VJEPA commitment, to facilitate Vietnamese goods, within 10 years (from 1/10/2009) export to this market will eliminate nearly 95% of tariffs. For nearly eight years, thousands of tariffs have been decreased to 0%, thus many businesses took advantage of the opportunity to increase exports. Vietnam's export categories to Japan are quite diverse such as textiles, fishery products, computers, electronic products and components, footwear, wood products, glass...
Prospects for 2017 and the coming years show that Vietnam's export to the Japanese market continues to remain a high growth rate. Enterprises will continue to seize the advantage from VJEPA, working with relevant agencies to participate in the promotion programs for connecting with Japanese businesses to increase exports.
IPA DANANG
