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ASEAN deal with Japan benefits Vietnamese exporters
With an economic pact between Japan and Southeast Asian countries taking effect this month, Vietnamese exporters have begun to enjoy lower tariffs but importers are still waiting for the government to ratify the deal.
The ASEAN-Japan Comprehensive Economic Partnership (AJCEP) took effect on December 1 after five years of negotiations, but Le Quang Lan, deputy director general of the Multilateral Trade Policy Department, said importers would have to wait for at least two more months before the agreement is legalized in Vietnam.
Nevertheless, its effect would be retroactive, he said at a meeting with businesses in southern Vietnam.
AJCEP should enable Vietnam and other ASEAN members to expand their market in Japan as Tokyo has slashed 7,260 out of 9,100 import tariff lines to zero percent from the current 5-20 percent, according to the ministry.
Lan said apparel, seafood and agricultural products, Vietnam’s major export staples, would benefit the most from the agreement.
Vietnamese exporters who want to enjoy the lower tariff have to import raw materials from Japan or other ASEAN member countries and process or manufacture products in Vietnam before shipping to Japan.
China and some ASEAN members like Thailand, Malaysia and the Philippines have signed separate free trade deals with Japan and have been enjoying low tariffs for a long time, Lan said.
AJCEP would, therefore, help improve the competitiveness of Vietnam’s goods in Japan, he said.
Vietnam hopes to increase its exports to that country, the country’s third biggest export market after the US and European Union, by 30 percent, according to the Ministry of Industry and Trade.
The ministry said it would facilitate businesses in Vietnam by issuing certificates of origin for AJCEP within three days to boost exports to Japan.
Exports to the East Asian country topped US$6 billion last year and the figure is expected to reach $7.6 billion this year. Vietnam’s total exports last year were worth $48.4 billion.
ASEAN has signed two similar agreements with China and South Korea.
The bloc comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Minh Quang
THANHNIEN
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