Vietnam Jan-Jul Exports to Japan Drop 35% to US$3.31B
Vietnam exported US$3.31 billion worth of goods to Japan in the first seven months of this year, dropping 35% from a year earlier, according to the Ministry of Industry and Trade (MoIT).
Vietnam currently exports around 40 kinds of goods to Japan including coal, crude oil, seafood, farm produce and apparel, meanwhile, it imports over 40,000 items of commodities from the foreign country, said the ministry.
The Vietnam-Japan Economic Partnership Agreement (VJEPA), which will take effect October 1, 2009, is expected further accelerate bilateral trade ties, the MoIT added.
Japan will exempt 7,220 out of 9,100 import tax lines for Vietnamese products from October 1 to March 31, 2012 while Vietnam will cancel 2,586 out of 8,873 tax lines for imports from Japan during the time.
Under VJEPA, Hanoi and Tokyo agreed to exempt taxes for 92% of bilateral traded goods within 10 years of implementation (2009-2019).
Vietnam had a trade surplus of US$297 million with Japan last year, compared with a deficit of US$108 million in 2007, the ministry said. (Saigon Economic Times)
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