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Garment exports to Japan jump sharply
Vietnamese garment exports to Japan have recorded impressive growth during the first months of this year whilst the country’s general export turnover to this market fell due to the negative impact of the global economic crisis.
According to the Vietnam Textile and Apparel Association (Vitas), in the first five months of the year, Vietnam’s garment export turnover to Japan hit nearly US$400 million, a 20 percent increase over the same period last year. The figure is expected to reach between US$900 million and US$1 billion for the whole year, up by 20 percent.
Vitas President Le Quoc An said that the target is feasible because Japan, the world’s second largest importer of garments, has shifted to importing low-cost commodities from India, Bangladesh and Vietnam instead of goods from China due the global economic crisis.
Meanwhile, Vietnamese garments have a competitive edge over others in the global market, as shown by key products such as T-shirts, kimonos and knitwear, a favourite with Japanese consumers, said An.
In addition, the Vietnam-Japan Economic Partnership Agreement (EPA) has helped to create a favourable business environment in various fields. Under the agreement, garments from Vietnam and other ASEAN countries exported to Japan have enjoyed a preferential tax rate of zero percent since earlier this year.
However, An noted that to get a foothold in the Japanese market, Vietnamese garment enterprises should pay more attention to building up consumer confidence by supplying high quality goods, on-time, and at reasonable prices in order to compete with similar commodities from India, Pakistan and Bangladesh.
The Ministry of Industry and Trade said that the government should create better conditions for Japanese businesses to invest in researching and producing the raw materials for garment in Vietnam, helping the country to gradually limit imports and increase the added value of its products.
According to Vitas, Japan is now Vietnam’s third largest garment export market, accounting for 9 percent of the country’s total export revenue of US$820 million in 2008.
The turnover of Vietnam’s garment exports to this market is expected to reach US$1.1 billion by 2010, up by 16.7 percent.
VOV, vietnamplus
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