Home » Business, Trade » Exports to Japan up 45 percent

Vietnam’s exportsExports to Japan up 45 percent to Japan in the first half of this year reached around US$7 billion, a year-on-year increase of 45 percent.

The figure was announced at a seminar in Tokyo on August 28, organized by the Trade Office of the Vietnamese embassy in Japan, the Vietnam Chamber of Commerce and Industry, and the Japan-ASEAN Centre.

Trade Counselor to Japan Nguyen Trung Dung said in the nearly 40 years after they established diplomatic ties, Japan has become an important partner of Vietnam in many fields, including politics, economics, trade, investment and tourism.

In 2009, both countries raised their relationship to a strategic partnership for peace and prosperity in Asia. Japan is Vietnam’s third largest trade partner and second largest export market, said Dung.

Two-way trade in 2011 hit more than US$21 billion, including nearly US$11 billion from Vietnamese exports, a rise of 39 percent compared to the previous year.

Dung added that Vietnam and Japan have also signed many agreements, creating a legal framework for promoting bilateral cooperation in economics, trade, investment, and tourism.

The seminar provided an opportunity for localities and businesses from both countries to meet, exchange information and seek cooperative opportunities.

Masaaki Okano, a representative from the Asia New Power Company, emphasized that Vietnam and Japan share many cultural similarities and there is great potential for cooperation. However, there are not many Vietnamese products in the Japanese market so businesses from both sides should strengthen cooperation and boost trade promotion.

He said that Japanese businesses should clarify their specific requirements, while Vietnamese businesses should research the Japanese market, especially quality and design standards, as well as legal regulations.

(By VOV)

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