ASEAN KEY DESTINATIONS
Trade surplus with Japan grows
Viet Nam saw a trade surplus of nearly US$1.86 billion from exports to Japan in the first eight months of 2014, representing a 40 per cent increase over the same period last year.
According to data released by the Ministry of Industry and Trade, Viet Nam has exported an estimated $9.74 billion in goods to Japan during the eight month period, a yearly increase of 11 per cent.
Bizlive.vn quoted the ministry as saying that Vietnamese exports of textiles and garments to Japan experienced encouraging growth of 6.5 per cent, valued at over $1.6 billion.
Trade experts forecast that the country's apparel exports to Japan would likely reach $2.7 billion by the year-end due to increasing orders from Japanese importers and the positive influence of Japanese participation in negotiating the Trans-Pacific Partnership, which would assist in bringing Vietnamese garment exports to the market.
Besides leather and footwear, seafood, bags and suitcases, exports of agricultural products to Japan also witnessed a healthy growth, as Vietnamese enterprises gradually adapted and then met Japan's technical barriers and standards.
In the January to August period, Viet Nam's imports from Japan hit $7.88 billion, surging 6 per cent against last year's corresponding period. Among major imports included machinery equipment and their parts, computers and components, electronics, steel and steel products, as well as plastic.
Four years after inking the Viet Nam-Japan Economic Partnership Agreements (VJEPA), many Vietnamese export businesses have effectively exploited the advantages of preferential tariffs to boost exports to the Japanese market.
However, in order to enhance the share of Viet Nam's goods in this difficult market, exporting companies must study the market for a better understanding of the commitments of the free trade agreements. They must also be prepared to face the challenges of meeting high technical standards, especially in overcoming the strict barriers imposed on food products entering the Japanese market.
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