Bright prospects for Vietnam-Japan economic ties

Update: 13:53 | 31/10/2018

Thriving economic cooperation has been a highlight of the Vietnam-Japan extensive strategic partnership, with bilateral trade value growing steadily towards a more balanced relationship in recent years.

Related newsBright prospects, Vietnam-Japan, economic ties, Thriving economic cooperation, extensive strategic partnership, bilateral trade value, balanced relationship
Vietnam’s exports to Japan have seen encouraging growth. Last year, five Vietnamese export staples – namely garments, machinery, transport vehicles, seafood, and timber products – posted positive increases in revenues, with each bringing home at least 1 billion USD.
Bright prospects, Vietnam-Japan, economic ties, Thriving economic cooperation, extensive strategic partnership, bilateral trade value, balanced relationship

Thriving economic cooperation has been a highlight of the Vietnam-Japan extensive strategic partnership.

Meanwhile, most of Vietnam’s imports from Japan are used for production activities. Three imports from Japan with turnover surpassing 1 billion USD in 2017 were machinery and spare parts, computers and electronics, and steel and iron.

Japan is currently a big importer of seafood, garments, footwear products, and processed food, which are sectors that Vietnam holds strengths in. Additionally, Japanese machines and accessories have long established their reputation in Vietnam.

The country has helped Vietnam develop its supporting industry, with the Vietnam-Japan supporting industry exhibition being held regularly to promote economic and investment cooperation between the two countries and enhance the capacity of Vietnam’s supporting industry.

Cooperation between Vietnam’s Ministry of Industry and Trade and Japan’s Ministry of Economy, Trade, and Industry is also very active, with an especially fruitful partnership between the Vietnam Trade Promotion Agency and the Japan External Trade Organisation (JETRO) as well as the ASEAN Promotion Centre on Trade, Investment, and Tourism.

The cooperation between the two sides has focused on fields with great potential and brought about speedy and effective results, especially in Vietnam’s key economic zones. One of the prime examples of Vietnam-Japan cooperation is Japan’s special support programme for Cambodia, Laos, Myanmar, and Vietnam (CLMV) to help the four countries bolster the export of high-quality handicrafts.

The Vietnam-Japan Economic Partnership Agreement signed in 2008 has become a driving force for trade growth between the two countries.

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Source: VNA

 
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