Trade between Vietnam and Japan is forecast to surge 12.5% from a year earlier to $18 billion this year, according to the Japanese Trade Office in Vietnam.
The office attributed the expected trade increase to the Vietnam-Japan Economic Partnership Agreement (VJEPA), which took effect from October 1.
Under the agreement inked in Tokyo last December, Vietnam and Japan agreed to exempt taxes for 92% of bilateral traded goods within 10 years of implementation (2009-2019).
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 also cancel 2,586 out of 8,873 tax lines for imports from Japan during the time
Vietnam currently exports around 40 kinds of goods to Japan with the staples of apparel, footwear, seafood, coal, crude oil and farm produce, meanwhile, it imports over 40,000 items of commodities from the foreign country, said the ministry.
Last year, the bilateral trade reached $16 billion, surpassing the target set for 2010. (Labor)
Canada has become one of the top importers of Vietnamese aquatic products thanks to an increase in tuna import.
The Vietnam plus cited the Vietnam Association of Seafood Exporters and Producers as saying that tuna export to Canada is double compared to a year earlier.
Since mid June, exports have increased 384% in volume and 107% in value compared to the same period of last year, while those to other countries have shown negative growth.
With this result, Canada has become Vietnam’s fifth largest buyer of tuna after the U.S., the EU, Japan and Israel.
However, the Ministry of Agricultural and Rural Development (MARD) is worried that due to the global financial crisis and the lack of a trademark for tuna exports, Vietnamese exporters, who are now selling their tuna to brokers at low prices, might find it difficult to penetrate into markets.
The export of unprocessed tuna yielding a lower profit compared to processed tuna is also a concern raised by the MARD.
According to the Vietnam Customs Department, the country exported 24,400 tons of tuna totaling $82.56 million in the first half of 2009, down 10% in volume and 14% in value against the same period of last year. (Vietnamplus)
Vietnam Exports to India Fall 14% to $222M in Jan-Aug
Vietnam reaped $222 million from exported goods to India in the first eight months of this year, falling 14% from a year earlier.
Computers, electronics and spare parts, coffee, pepper and tea were Vietnam’s key exports to the Asian country during the period.
Trade between Vietnam and India hit $2.5 billion last year, surpassing $2 billion set by for 2010. Of which, Vietnam exported $387 million worth of goods to India, up 46% on-year. (Vietnamplus)
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