Vietnam-Japan trade turnover at US$16.3 billion in first 8 months

Speaking at a forum on October 9, co-organized by Investment and Trade Promotion Center of Ho Chi Minh City (ITPC) and Japan External Trade Organization (JETRO), Ho Thi Kim Thoa, Deputy Minister of Industry and Trade, informed that Vietnam-Japan trade turnover in first eight months of this year was at US$16.3 billion.

Workers of Japanese Koda Company in HCMC make furniture for export (Photo: SGGP)

The Deputy Minister said that the Vietnam-Japan Economic Partnership Agreement in 2008 was a turning point in the history of Vietnam-Japan relations.

Japan is one of the most important economic partners of Vietnam and the first G7 country to recognize Vietnam’s market economy in October 2011.

Taking advantage of the Economic Partnership Agreement, the two countries have raised two-way trade.

In first eight months, trade turnover was at US$16.3 billion, of which Vietnam’s export turnover was at $8.8 billion and import was at $7.5 billion.

Trade surplus recorded was at $1.3 billion, an increase of 28.4 percent year-on-year.

In addition to highly competitive traditional commodities such as wooden items, arts and crafts, sea food, Vietnam also exported mechanical equipment, telephones, computers and cameras in large quantities to Japan.

Lately Vietnam has supplied agricultural produce to Japan as well.

In recent five years, Japan has become one of the leading investors in Vietnam. Japan’s registered investment in Vietnam is more than US$33 billion with 2,029 projects. Moreover, Japan has made great contribution to Vietnam’s electricity sector and many other significant industrial projects.

By Thuy Hai, Dinh Ly – Translated by Uyen Phuong

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