Growth of Japanese consumption goods in local market among top 10 in region

VOV.VN - The export turnover of Japanese goods within the Vietnamese market recorded a rise of 17% last year, ranking among the top 10 countries in the region, according to Hirai Shinji, chief representative of the Japan External Trade Organization (JETRO) in HCM City.

Indeed, Vietnam has become the fifth largest important consumer market among countries importing Japanese goods, with an annual growth rate ranging between 15% and 17%.

According to the statistics released by the Japanese Ministry of Finance, the export turnover of agro-aquatic and food products from Japan to the country reached approximately US$490 million, representing an increase of 17% compared to 2019.

In response to correspondents on April 15 relating to the new business trends of Japanese enterprises operating within the Vietnamese market, Shinji said the rate of firms from the Far East nation investing in opening factories locally has dropped from 40% to 20%.

He went on to reveal that there has been a shift of investment from production, manufacturing to service, and retailing sectors in order to take full advantage of the increasing purchasing power of the Vietnamese market. Indeed, this trend is closely associated with the development of e-commerce, thereby helping Japanese products to reach local consumers more easily.

Due to the impact of the novel coronavirus (COVID-19) pandemic negatively affecting the cargo traffic between Japan and other countries, the JETRO launched the online platform Japan Street at the start of the year in an effort to provide support to the distribution of Japanese products within the Vietnamese market.

Following this, over 500 suppliers signed up to the site with several foreign buyers from different countries, including Vietnam, being created the optimal conditions in terms of registration procedures.

Furthermore, Shinji pointed out that the Japan Mall project, which is aimed at promoting international online sales of cosmetics and foods through purchase-and-sales support granted by major e-commerce sites overseas, will continue to expand commercial distribution of Japanese products into the country.

Despite the investment structure undergoing significant changes, the nation has continued to play an important role in the overseas investment of Japanese enterprises, with the country ranking fifth in the group of import markets for Japan’s agricultural and forestry products, following Hong Kong (China), China, the Republic of Korea, and the United States.

The JETRO leader went on to reveal that although the COVID-19 pandemic has imposed travel restrictions, several Japanese consumer goods have sold well in the Vietnamese market. Statistics reveal that although selling prices have decreased compared to the previous year, sales revenue has enjoyed an increase of 5%.

He therefore emphasised that the strong consumption of these products at high prices proves that there remains plenty of room within the Vietnamese market for Japanese businesses that are advised to feature proper selling prices in order to better match the purchasing power of the local market.

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