Illustrative image (Source: VNA) Hanoi (VNA) – The trade relations between Vietnam and Japan have beengrowing since the establishment of bilateral strategic partnership in 2009,then elevated to comprehensive strategic partnership in 2014.
According to Deputy Minister of Industry and Trade Do Thang Hai, Japan is thethird biggest export market, after the US and China, and the third largestimport market of Vietnam, after China and the Republic of Korea.
In the first five months of 2019, two-way trade reached 15.28billion USD, a year-on-year rise of 3.7 percent, including 7.35 billion USDworth of Japanese imports.
Vietnam has mainly exported garment-textiles, transport vehicles andcomponents, machines and equipment, aquatic products, wood, and footwear whileimporting computers, electronic products and components, iron and steel, andautomobile spare parts from the market.
Japan has strength in providing high-quality machinery andequipment which could help increase the capacity of Vietnamese productionindustries.
Le Hoang Oanh, Director of the Asia-Africa Department under theMinistry of Industry and Trade, said Japan has strict requirements for importedgoods, especially agro-forestry-fishery products.
Therefore, to make inroads into the Japanese market, businesses should payattention to technical barriers such as quality of products, food safety andhygiene, and export procedures, she suggested.
Experts advised businesses to study the market’s demand and build appropriatemarketing strategies while actively participate in trade promotion programmesto seek partners.
The upcoming visit to Japan by Prime MinisterNguyen Xuan Phuc from June 27 to July 1 during which he will attend G20 Summitis expected to open new cooperation opportunities between the two countries innumerous fields, including trade and investment.-VNA
VNA
