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Japan – An important market of Vietnam
Nearly past 10 years, Japan is the leading importer of Vietnamese shrimp. Big and stable demand, high export price are key factors to help maintain and increase shrimp export from Vietnam to this market.
The U.S. is also one of the key importers of Vietnamese shrimp, however only few enterprises dare to engage in this market be of big barriers from antidumping duty. Although shrimp export to EU in recent years remained strong growth, export price to this market was lower than Japan. Warm water shrimp has not captured the hearts of all people in EU countries. Consumption habit of cold water shrimp (Mainly supplied by the intra-EU) is a limited factor in importing warm water shrimp into this market.
With geographical advantages, increasingly improved economic partnership between Vietnam and Japan, Japan’s strong economy and yen per USD exchange rate beneficial to its importers help Japan become attractive destination of Vietnamese shrimp exporters.
According to Vietnam – Japan Economic Partnership Agreement (VJEPA) signed in December 2008, since 1st October, 2009, frozen shrimp (Code HS 030613) – a key product in Vietnam’s shrimp export structure – has been enjoyed tax-free when exporting to Japan. Japan Customs’ statistics in 2009 showed Vietnam was the leading supplier of frozen shrimp to Japan, accounting for 20% of its imported frozen shrimp’s market share. In 2009, Japan imported 197,749 MT of frozen shrimp of which Vietnam is the largest supplier with 39,925 MT.
Although in 2009 Vietnam’s shrimp export to Japan decreased slightly as its economy suffered from global economic crisis, in 2010 shrimp export to this market has maintained 2 digits growth both in volume and value.
Japanese economy was recovered gradually after the crisis, yen per USD exchange rate moved in the beneficial direction to import and in recent months, yen continuously increased against USD. Japan’s shrimp consumption demand in the last months of 2010 also facilitates Vietnam to boost shrimp export to this market.
In addition, the assurance of strict safety and quality of Vietnam’s shrimp products is one of the most important conditions to help boost its export to Japan. During the inspection delegation in March 2010, Department of Food Safety – Japanese Ministry of Health, Labour and Welfare recognized and assessed well the quality and food safety management methods of Vietnam.
VASEP
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