Vietnam, Japan enjoy growing trade relations

Illustrative image (Source: VNA)

According to Deputy Minister of Industry and Trade Do Thang Hai, Japan is the third biggest export market, after the US and China, and the third largest import market of Vietnam, after China and the Republic of Korea.

In the first five months of 2019, two-way trade reached 15.28 billion USD, a year-on-year rise of 3.7 percent, including 7.35 billion USD worth of Japanese imports.

Vietnam has mainly exported garments-textiles, transport vehicles and components, machines and equipment, aquatic products, wood, and footwear while importing computers, electronic products and components, iron and steel, and automobile spare parts from the market.

Japan has strength in providing high-quality machinery and equipment which could help increase the capacity of Vietnamese production industries.

Le Hoang Oanh, Director of the Asia-Africa Department under the Ministry of Industry and Trade, said Japan has strict requirements for imported goods, especially agro-forestry-fishery products.

Therefore, to make inroads into the Japanese market, businesses should pay attention to technical barriers such as quality of products, food safety and hygiene, and export procedures, she suggested.

Experts advised businesses to study the market’s demand and build appropriate marketing strategies while actively participate in trade promotion programmes to seek partners.

The upcoming visit to Japan by Prime Minister Nguyen Xuan Phuc from June 27 to July 1 during which he will attend G20 Summit is expected to open new cooperation opportunities between the two countries in numerous fields, including trade and investment.