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VietNamNews

Trade surplus rises with Japan

Update: December, 17/2013 - 09:39
Workers put the filnal touches to galvanised steel sheet products at Hoa Sen Group. The company has exported thousand of tonnes of galvanised steel sheets to Japan in the past few years. — VNA/VNS Photo The Anh

HA NOI  (VNS) — Viet Nam experienced a trade surplus of US$1.8 billion with Japan over the past 11 months, surging 33 per cent over last year, according to the General Department of Customs.

Statistics indicated that two-way trade between Viet Nam and Japan topped $22.94 billion in the reviewed period, representing a modest increase of 2 per cent.

Of the total, $12.37 billion came from Vietnamese exports, up 4 per cent year-on-year, with its key items including crude oil, clothing, machinery and equipment, seafood, wood and wooden goods, electronics and components.

Meanwhile, Viet Nam's imports from the world's third largest economy slumped slightly by 0.5 per cent to $10.57 billion.

Japan remains one of Viet Nam's most important trade partners, accounting for 10 per cent of the country's total import-export turnover.

Bilateral trade between the two nations has risen by an average 17 per cent per year from only $8.5 billion in 2005 to $24.7 billion in 2012.

During a recent conference in HCM City, Deputy Minister of Industry and Trade Ho Thi Kim Thoa predicted that trade and investment relations between Viet Nam and Japan would see strong growth in 2014 and 2015.

Thoa said the Viet Nam-Japan Economic Partnership Agreement that took effect in 2009 has reduced tariffs and contributed to an increase in trade, adding that over the next 10 years, under the agreement, tariffs would gradually decline to zero.

Up to 95 per cent of Viet Nam's exports to Japan would enjoy tax reductions, while the corresponding figure for Japan would be nearly 88 per cent.

Preferential tariffs would be reserved for seafood, farm produce, textiles and garments, steel, chemicals and electronic spare parts. — VNS


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