The Japanese-invested Toyota factory in Phuc Yen city, Vinh Phuc province (Photo: VNA) Hanoi (VNA) – Thriving economic cooperation hasbeen a highlight of the Vietnam-Japan extensive strategic partnership, withbilateral trade value growing steadily towards a more balanced relationship inrecent years.
Vietnam’s exports to Japan have seen encouraging growth.Last year, five Vietnamese export staples – namely garments, machinery,transport vehicles, seafood, and timber products – posted positive increases inrevenues, with each bringing home at least 1 billion USD.
Meanwhile, most of Vietnam’s imports from Japan are used forproduction activities. Three imports from Japan with turnover surpassing 1billion USD in 2017 were machinery and spare parts, computers and electronics,and steel and iron.
Japan is currently a big importer of seafood, garments,footwear products, and processed food, which are sectors that Vietnam holdsstrengths in. Additionally, Japanese machines and accessories have longestablished their reputation in Vietnam.
The country has helped Vietnam develop its supportingindustry, with the Vietnam-Japan supporting industry exhibition being heldregularly to promote economic and investment cooperation between the twocountries and enhance the capacity of Vietnam’s supporting industry.
Cooperation between Vietnam’s Ministry of Industry and Tradeand Japan’s Ministry of Economy, Trade, and Industry is also very active, with especiallyfruitful partnership between the Vietnam Trade Promotion Agency and the JapanExternal Trade Organisation (JETRO) as well as the ASEAN Promotion Centre onTrade, Investment, and Tourism.
[Vietnam – Japan: Old partners, new partnership]
The cooperation between the two sides has focused on fieldswith great potential and brought about speedy and effective results, especiallyin Vietnam’s key economic zones. One of the prime examples of Vietnam-Japancooperation is Japan’s special support programme for Cambodia, Laos, Myanmar,and Vietnam (CLMV) to help the four countries bolster the export ofhigh-quality handicrafts.
Within the framework of the above-mentioned programme,Japanese experts share their experience with Vietnam on product design andmarketing, and business administration. Recently, Japan has facilitated theimport of more Vietnamese products, such as red-flesh dragon fruits, mangoes,heat-processed chicken, and milk. The two sides also cooperate in catching andexporting tuna to Japan.
The Vietnam-Japan Economic Partnership Agreement signed in2008 has become a driving force for trade growth between the two countries.
The two governments’ supportive stance and the two businesscommunities’ dynamism and effective cooperation are expected to create furtheropportunities for bilateral trade cooperation. However, Japan is a demandingmarket with strict requirements on product quality, applicable not only toimports from Vietnam but also to those from other countries.
In order to take full advantage of the cooperationopportunities between the two countries, Vietnamese enterprises are advised toensure that their exports meet the quality standards of Japanese importers,while at the same time optimizing Japan’s cooperation and support programmes forthe country’s economic and trade development. –VNA
VNA
