CPTPP gives extra boost to Vietnam’s aquatic exports to Japan

VOV.VN - The nation is enjoying great opportunities in terms of exporting aquatic products to the Japanese market thanks to the high level of openness of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to industry insiders.

Nguyen Manh Dong, third secretary of the Vietnam Trade Office in Japan, said that apart from the Vietnam-Japan Economic Partnership Agreement (VJEPA), the two sides have also joined other trade deals. This includes the CPTPP and the Regional Comprehensive Economic Partnership (RCEP) which bring more chances for Vietnamese aquatic products in this highly lucrative market.

Japan’s commitments in relation to the CPTPP for aquatic products is high, including the exemption of 65% of the total tax lines and cutting the remaining taxes in a roadmap of six to 16 years, he went on to note.

Furthermore, the CPTPP allows the nation to import materials from 11 member countries which can then be exported to Japan with secured tax preferences, he added, stating that the deal brings great advantages for Vietnamese aquatic products in Japan in terms of both origin and tax.

Currently, Japan represents the third largest market of the Vietnamese aquatic sector, with export revenue hitting US$638.91 million in the first five months of the year, up 15.7% on-year and accounting for 13.6% of the total export revenue of the whole sector.

However, the Vietnam Trade Office representative reminded exporters to strictly follow food safety regulations when exporting aquatic products to this selective market in order to protect their interests and the positive image of the Vietnamese fisheries sector.

He also advised domestic firms to try to keep their products’ price stable in order to win over sensitive Japanese consumers.