Vietnam-Japan Trade to Surpass US$16 Bln This Year

Bilateral trade between Vietnam and Japan is likely to reach US$16.2 billion this year, exceeding the two countries’ set target of US$15 billion in 2010, said Vietnam News Agency.

 

The two-way trade valued at US$8.1 billion in the first half of this year, up 45.5 per cent on-year. Of the sum, Vietnam’s exports to Japan stood at US$4.25 billion, up 41.7 per cent while its imports were US$3.9 billion, up 49.8 per cent, resulting in the country’s slight trade surplus of US$350 million during the period.

 

Vietnam’s high export value in the first half was mainly attributed to soaring crude oil price in the world market, said the Vietnam Trade Office in Japan, elaborating that crude oil remains Vietnam’s largest cash earner.

 

The country’s some export staples like coal, coffee, and cable increased sharply but wood and ceramic products dropped due tot poor designs and low quality, said the office.

 

In the coming time, Vietnam plans to boost export of new items to the Japanese market such as organic fertilizer, electrical equipment, bulbs, consumer goods, and processed food. The country will also increase cooperation with Japan in the potential areas of agriculture, garments and textiles, footwear, automobiles, chemicals, mechanics, electronics and biological fuels.

 

Japan is now Vietnam’s second biggest export market after the United States. (Vietnam & World Economy, VOV, VNA)