Strengthening trade connections between Vietnamese and Japanese businesses

Strengthening trade connections between Vietnamese and Japanese businesses. (Photo: www.hcmcpv.org.vn)

At the conference, the two sides promoted trade in the fields of components and accessories for solar LED lights combined with backup batteries; food boxes made from plastics and paper; kitchenware products, wooden furniture; processed agricultural products; and frozen seafood.

According to statistics, Japan is the leading important economic partner and the fourth largest trading partner of Vietnam. Trade between the two countries has maintained steady growth over the years. In 2021, despite being affected by the COVID-19 pandemic, the two-way trade turnover still reached 42.7 billion USD, up 7.8% compared to 2020.

In the three quarters of 2022, two-way trade turnover is estimated at 35.69 billion USD, up 15% over the same period  last year. In which, Vietnam’s export turnover to Japan is estimated at 17.84 billion USD, up 21.6% over the same period in 2021.

Vietnamese products exported to the Japanese market include textiles and garments; machinery, equipment, tools and spare parts; means of transportation; seafood; computers, electronic products and components; phones and components; footwear; and plastic products.

According to the Center for Trade and Investment Promotion of Ho Chi Minh City, with its position as a special city, a major economic center and the locomotive, driving force, attraction and pervasiveness of the southern key economic region, Ho Chi Minh City continues to promote administrative reform, creating all favorable conditions for investors to do business in the city./.