VOV.VN - With numerous benefits coming through the enforcement of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), there remains plenty of room for local agro-aquatic items to penetrate the Japanese market, according to industry insiders.
Data from the General Department of Vietnam Customs indicate that Vietnamese exports to Japan during the opening four months of the year posted an increase of 2.67% to US$6.6 billion compared to the same period from last year.
Most notably, strong export growth was recorded in several advantageous Vietnamese products, including peppers soaring 35.23%, cashew nuts 20.35%, and coffee 14%.
Despite this growth, the export value of agro-aquatic products made up just 8.2% of the country’s total exports to the Japanese market.
Japan possesses a huge import demand for products like agro-forestry-fishery and processed food which are Vietnam’s highly competitive products. However, it primarily imports those items from markets such as the United States and China, with their market shares making up roughly 23.3% and 11.8%, respectively.
The market share of ASEAN nations for this commodity group in the Japanese market accounts for 13.4%, of which imports from the Vietnamese market made up only 18.3% of total ASEAN imports and roughly 2.4% of total Japanese imports.
Both Vietnam and Japan are members of the Vietnam - Japan Economic Partnership Agreement (VJFTA), the ASEAN - Japan Comprehensive Economic Partnership Agreement (AJCEP), and the CPTPP, helping them expand bilateral trade co-operation across multiple fields due to preferential tariffs, according to experts.
Japan is a demanding market which is notable for implementing a range of stringent food hygiene and safety regulations. Vietnamese businesses have been advised to pay special attention to their product quality, technical standards, and prices before exporting to this market.