Vietnam, Japan look to foster trade cooperation

Deputy General Director of the Department of Trade Promotion Doan Thi Thu Thuy speaks at the workshop

Held by the Department of Trade Promotion (DTP) under the Ministry of Industry and Trade and the Japan-ASEAN centre, the event attracted representatives from more than 100 Japanese and 25 Vietnamese enterprises operating in handicrafts, mechanics, plastic, home furniture and gifts.

Speaking at the workshop, Doan Thi Thu Thuy, Deputy General Director of the DTP said Vietnamese goods are present in most markets around the world, and exports are shifting from raw materials to products with higher value such as electronics and smart phones.

Notably, Vietnam's agriculture has witnessed a long period of stable growth with an average expansion of 4.4% in the last decade, with the export value of Vietnamese fruits surpassing those of rice and crude oil.

Assessing Vietnam’s advantages, Thuy said the country has a young and skilled workforce and a stable political situation, as well as rich natural resources, favourable geographic location, active international integration, an impressive growth rate and an improved legal system.

These factors have helped Vietnam attract more foreign investment, she said, noting that in the first nine months of 2018, as much as US$25.37 billion of foreign capital was poured into Vietnam, mainly concentrated in manufacturing and retail.

Trade Counsellor at the Vietnamese Embassy in Japan Ta Duc Minh highlighted the fruitful development of Vietnam - Japan relations, especially in economic cooperation, over the last 45 years.

Japan is the fourth largest trading partner of Vietnam and the largest investor in the Southeast Asian nation. The two countries are also participating in various economic cooperation deals such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partner (RCEP).

The workshop offered a good chance for Vietnamese and Japanese enterprises to enhance collaboration on the basis of mutual benefits, contributing to promoting trade ties between the two nations.

According to Yusuke Ujike, Chairman of the ALLIED Group - a Japanese distributor of food - said since 2017, his firm has imported Vietnamese vegetables to distribute in Japan.

Vietnam has a good source of raw materials and a large labour force, he said.

Tran Thanh Phong, Director of Sesan Furniture Co., Ltd of Vietnam said Japan is a "hard" market, adding that Vietnamese firms should cautiously approach the market.