Data from the General Department of Vietnam Customs shows that during the last eight months, Vietnam’s exports to Japan have exceeded US $ 16 billion, indicating a 4.8 per cent rise over the same period last year.
Several industries showed notable development, including textiles and apparel, which generated US $ 2.74 billion in revenue, an increase of 6.6 per cent over the previous year.
With the help of favorable tariff incentives from a number of free trade agreements (FTAs), such as the Regional Comprehensive Economic Partnership (RCEP), the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Vietnam-Japan Economic Partnership Agreement (VJEPA), Vietnam’s exports to Japan continue to have a sizable market opportunity. Vietnamese exports to Japan make up just 6.6 per cent of the country’s overall export revenue, despite the positive trend, suggesting room for more growth in this market.
