Trang tiếng Việt
Vietnam toasts trade surplus with Japan PDF Print
Tuesday, 26 September 2017 14:24

VIETRADE - Vietnam recorded a trade surplus of nearly US$522 million with Japan in the first eight months of this year, much higher than US$116 million seen in last year’s corresponding period, according to General Department of Vietnam Customs.

 

During the reviewed period, two-way trade between the two countries reached approximately US$21.39 billion, up 13% year-on-year. Of which Vietnam's exports to Japan accounted for nearly US$10.96 billion, up 16.2% year-on-year while its imports experienced a yearly rise of 9.3% to US$10.44 billion.

 

Three groups of products with export revenue exceeding US$1 billion in January-August period were textile and garment, means of transport and equipment and machines, other equipment and parts.

 

Textile and garment shipments posted the highest revenue of US$1.97 billion, making up 18% of Vietnam’s total export value to Japan and representing a year-on-year increase of 4.4%. It was followed by means of transport and equipment with US$1.38 billion, up 14% and machines, other equipment and parts with US$1.13 billion, up 12%.

 

Other products which saw significant revenue growths included coal with US$83.25 million, up 304%; steel and iron (US$11.48 million, up 190%); crude oil (US$2.17 million, up 159%); telephones and components (US$546.3 million up 109%) and vegetables and fruits (US$80.3 million, up 60%).

 

The eight-month period, however, witnessed strong revenue reductions in Vietnam’s several export items to Japan including cassava and cassava products with US$8.69 million, down 25%; pepper (US$13.35 million, down 29%) and ores and minerals (US$6.79 million, down 21%).

 

Nine years after inking the Vietnam-Japan Economic Partnership Agreements (VJEPA), many Vietnamese export businesses have effectively exploited the advantages of preferential tariffs to boost exports to the Japanese market.

 

Under the tax reduction roadmap stipulated in the VJEPA, import tax will be cut to 2.8% in 2018 and at least 86% of agro-forestry-fishery products and 97% Vietnamese industrial products will enjoy preferential tax rates in the Japanese market.

Meanwhile, average taxes on Japan’s goods imported into Vietnam will be slashed to 7% in 2018.

 

By 2026, the two countries will complete the roadmap for tax reduction to form a bilateral free trade zone in which 94.53% of Vietnam’s export revenue and 87.6% of Japan’s will be exempted from import tax.

 

In order to promote exports to Japan which is described as a lucrative market but as a demanding ones, trade experts suggested Vietnamese enterprises to study the market for a better understanding of the market’s regulation and taste of customers there.

 

The firms should consider to invest in quality of goods and boost promotion activities to better tap into this market./.



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