In recent years, Vietnam and Japan have continually maintained high growth rate in bilateral trade, of which Vietnam has been able to keep up the trade surplus for several consecutive years.
According to updated statistics of the General Department of Vietnam Customs, from January to the end of November 2013, the total value of imports – exports between Vietnam and Japan reached nearly US$23 billion. In which, Vietnam’s exports to Japan came to US$12.37 billion, imports US$10.57 billion. With this result, Vietnam continues trade surplus of nearly US$1.8 billion to Japan.
Also according to the General Department of Vietnam Customs, during the 2005-2012 period, trade between Vietnam and Japan had achieved high growth rates of about 17 percent/year on average. Bilateral trade had nearly doubled from US$8.5 billion in 2005 to US$16.8 billion in 2010. In 2011, despite the economic difficulties in both global and national level, Vietnam – Japan trade continued the increase trend at a rate of 26.5 percent, reached US$21.2 billion. In 2012, bilateral trade rose to US$24.7 billion, with a growth rate of 16 percent, 1 percentage point lower than the average growth rate of the 2005-2011 period.
Over recent years, the trade balance between the two countries has usually leaned toward Vietnam. In 2011, Vietnam enjoyed trade surplus of US$0.4 billion, this figure then rose to US$1.5 billion in 2012 and US$1.8 billion by November of 2013. For many years, Japan has always been an important market of Vietnam, accounting for about ten percent of the total import – export value. By the end of November, Japan became the fourth biggest trade partner of Vietnam, the second biggest on export and third on import.
Vietnam’s key exported commodities to Japan include textiles, oil, transport vehicles and parts, machinery equipment and parts, seafood, wood and wood products, plastic products, computers, electronic products and components. Currently, Vietnamese textile exports to Japanese market are favoured with preferential tax rate of zero percent.
On the other direction, Vietnam imports from Japan mainly machinery equipment and parts, computers, electronic products and components, steel and steel products, raw materials for textile and footwear industries, plastics products, these five groups in total reached US$7.62 billion, accounting for 73 percent of total Vietnam – Japan import.
After 4 years of the Vietnam – Japan Economic Partnership Agreements (VJEPA), many Vietnamese export businesses has effectively exploited the advantages of preferential tariffs to boost export in the Japanese market. However, in order to enhance the share of Vietnam’s goods in this difficult market, the exporting companies must study to have a better understanding about the commitment mechanism of concluded free trade agreements. They must also be prepared to face various difficulties and challenges coming from the specifically high technical standards, especially the strict barriers to food products of Japanese market.
Le Hien
Đăng ký: VietNam News
