Vietnam, Japan Boosting Trade to $15B This Year

Vietnam and Japan are trying to realize a bilateral trade target of $15 billion this year, rising from $13.5 billion last year, according to Minister of Industry and Trade Vu Huy Hoang in his statement made at a reception given to the outgoing Japanese Ambassador to Vietnam Mitsuo Sakaba on Sept 6.

 

Vietnam should map out a specific strategy on developing supporting industries in order to raise its economy’s competitiveness, the ambassador said, adding that Japan is willing to help the former to develop them. 

 

Trade between Vietnam and Japan stood at $7.5 billion in the first half of 2010, including the former’s trade deficit of $500 million, the Vietnamese General Statistics Office said.

 

Japan is now the largest bilateral donor of Vietnam with roughly $16 billion committed to the country, including $1.64 billion pledged for this year.

 

Japanese firms have to date poured $19.3 billion into 1,211 projects in Vietnam, ranking the 3rd among the countries and territories making investment in the country. (Trade & Industry)