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Vietnam-Japan two-way trade exceeds US$16 billion
Vietnam-Japan bilateral trade value exceeded US$16 billion in 2010, up almost 24 percent over the previous year, heard a seminar in HCM on December 29.
Japan remained Vietnam’s second largest importer, buying US$4.85 billion worth of products, a year-on-year rise of 24.4 percent. Vietnam’s exports to Japan included agricultural products, foods, seafood, garments and wooden furniture.
Speaking at the seminar entitled “Opportunities and challenges in exploiting the Japanese market”, Vo Thanh Ha, an official at the Ministry of Industry and Trade (MoIT)’s Asia-Pacific Market Department, said Japan is a demanding market in terms of food hygiene and safety.
Products imported into Japan have high prices when they reach consumers because of many distribution stages, Ha said, adding that local businesses need to improve the design, technology, preservation, transport, quality and surveys to effectively approach the market.
Le Quang Lan, from the MoIT’s Multilateral Trade Policy Department, said Vietnam’s leather shoes, garments, aquatic products, seafood and farm produce have enjoyed a zero-percent tax tariff after the Vietnam-Japan Economic Partnership Agreement (VJEPA) was signed a year ago.
The agreement also offers Vietnamese companies advantages in terms of export-import prices, and expansion of market in potential fields such as electric-electronic products and chemicals.
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