As Viet Nam’s exports account for under 2.7 per cent of complete import demand in Japan, authorities from the Ministry of Trade and Commerce (MoIT) see room for development out there.
Nguyễn Duy Kiên, from the Division of Markets for Asia and Africa, MoIT mentioned though Việt Nam’s exports elevated sharply lately, they nonetheless accounted for a really small proportion of Japan’s complete imports, including Japan is the nation’s third-largest export market, after China and the US.
Kiên talked about textiles as a promising product out there, saying with complete imports within the sector of US$28 billion in 2019, Việt Nam’s textile and garment accounted for 13.2 percent whereas Chinese language merchandise accounted for 55 percent and Bangladesh, Indonesia, Thailand, Cambodia, and Italy shared a lot of the relaxation.
In Japan’s import of leather-based and footwear merchandise which was priced at $5.3 billion in 2019, Việt Nam accounted for 18.5 percent whereas the largest rivals had been China, Indonesia, Italy, and Cambodia. Within the import marketplace for handicraft merchandise price $200 million in 2019, Vietnamese merchandise accounted for 8 percent, rating second after China with 55 percent.
Following Kiên’s division, Japan imports $3.5 billion of plywood, wooden flooring annually whereas Việt Nam solely offers 3 percent and 0.01 percent respectively, including: “There’s a large potential for exports of the merchandise.”
Bananas, shrimp, crab, and squid even have nice alternatives to export to the North Asian nation.
“Japan wants $1 billion of bananas per yr, whereas Việt Nam solely exports $3 million there per yr. Ninety percent of imported bananas from Japan are actually provided by the Philippines,” Kiên mentioned.
He added Việt Nam’s market shares of shrimp, crab, and squid imports had been additionally modest, accounting for 7.5 percent to twenty percent, including: “Việt Nam nonetheless has plenty of room to advertise exports to the Japanese market.”
Kiên mentioned for the entire above-mentioned merchandise, Việt Nam was entitled to 0 percent import tax when coming into Japan whereas different rivals in ASEAN, South Korea, and India had been all topic to increased taxes.
Kiên mentioned China confronted increased import taxes in Japan, noting: “It’s a large benefit for Vietnamese items to compete with international locations within the ASEAN area, China, and South Korea if we proceed to take advantage of the Japanese market.”
Đỗ Quốc Hưng, deputy director-general of the Asia Africa Market Division below the MoIT, mentioned to take benefit, Vietnamese companies wanted to recurrently replace details about adjustments in consumption traits and the Japanese market as within the present context of US-China commerce rigidity, the extended pandemic and the event of protectionism in some international locations, Japan had tightened the implementation of import laws.
“Japan is a number one developed financial system with excessive earnings, along with product high-quality necessities, the market is more and more paying extra consideration to environmental friendliness, security, wealthy and numerous designs of the merchandise,” he mentioned.
Tạ Đức Minh, Viet Nam Commerce Counsellor in Japan, famous that to export stably with added worth, Vietnamese enterprises wanted to make efforts to penetrate and exploit the distribution system in Japan.
Minh mentioned although the retail programs in Japan had strict necessities and most of Việt Nam’s exports had been made via intermediaries, Vietnamese enterprises ought to attempt to straight work with them to boost the worth and model of their merchandise.
Minh instructed enterprises that need to faucet the Japanese market ought to first take part in gala’s and exhibitions in Japan the place they will discover new companions, in addition, to find out about client traits.