At the event, Head of the Vietnam Trade Office's Branch in Osaka Quyen Thi Thuy Ha affirmed the complementary nature of the two economies, with Japan being the third largest export market, and fourth largest trading partner of Vietnam.

The combination of Vietnam’s production strengths, and Japan’s technologies and quality management could bring practical benefits to both sides, she said, elaborating Vietnamese garments and textiles could capitalise on the rules of origin to enjoy tax preferences in Japan, while the wood and fine art industry boasts huge opportunities in the market as consumers are willing to pay high prices for unique products with artistic values.

According to Ha, the Japanese market has been hungry for agricultural products of Vietnam such as coffee, cashew nuts, tropical fruits and frozen fruits and vegetables.

There is ample room for Vietnam to boost its shipments to the East Asian country, however, businesses must adapt to stringent requirements regarding product quality and sustainability from this market.

She suggested Vietnamese enterprises study new techniques to better their production processes, from cultivation, harvest, preservation to packaging.

Along with the traditional trade form, they should tap e-commerce to increase exports, and improve revenue since more Japanese consumers have shifted to online shopping, Ha noted.

General Director of AEON TOPVALU Vietnam Co., Ltd Shiotani Yuichiro said that Vietnamese foods have been favoured in the Japanese market, adding Vietnamese firms could increase their exports to Japan and even other markets through AEON’s distribution system.

Standout taste, product quality, sound packaging, and sustainability, he underlined, are among the keys that help Vietnamese goods break into the market. AEON TOPVALU has provided regular support, and guidance on techniques and quality standards for Vietnamese small and medium-sized so that they could adjust their production, and better meet the requirements of the market, he said.

According to Director of the Investment and Trade Promotion Centre of Ho Chi Minh City Tran Phu Lu, Japan has been a leading economic-trade partner of Vietnam in the recent past. They have signed various bilateral, and multilateral free trade agreements such as the ASEAN – Japan Comprehensive Economic Partnership, Vietnam – Japan Economic Partnership Agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which have created important cooperation frameworks to promote trade, investment and business ties between the two nations.

Statistics from the General Department of Vietnam Customs showed that two-way trade during the January – July period was estimated at US$25.87 billion, up 4% from the same time last year, with Vietnam’s export revenue reaching around US$13.46 billion, rising 2.8% year-on-year.

Source: VOV