Deepening Vietnam And Japan Trade Relations

After 50 years of establishing diplomatic relations, Japan has been Vietnam's leading economic and trade partner for many years.
November 28, 2023 | 09:13
Deepening Vietnam And Japan Trade Relations
Vietnamese goods are displayed at AEON supermarkets in Japan. Photo: Cong Thuong

Political and trade relations are constantly developing

Vietnam and Japan established official diplomatic relations on September 21, 1973.

Since then, the friendly relations and cooperation between the two countries have continuously developed in many fields such as politics, economics, culture, security, and defense from the central leadership level to the grassroots levels, local.

The two countries established the strategic partnership in 2009 and upgraded their relationship to "Comprehensive strategic partnership for peace and prosperity in Asia" in 2014.

Receiving Japan's invitation, on November 26, Vietnamese President Vo Van Thuong, his wife and a high-ranking Vietnamese delegation left Hanoi for an official visit to Japan from November 27-30.

This is the first official visit to Japan by President Vo Van Thuong as Head of State and the fourth visit to Japan by the Vietnamese President since the two countries established foreign relations.

Sharing about the trade relations between the two countries, Tran Quang Huy, director general of the Asia-Africa Market Department, Ministry of Industry and Trade said that trade exchange between Vietnam and Japan in recent times has been relatively balanced, sustainable, with stable growth.

Bilateral trade turnover in 2022 reached nearly US$50 billion, of which Vietnam exports to Japan US$24.2 billion and imports from Japan US$23.4 billion. Japan is the 4th largest trading partner, the 3rd largest export partner, and the 3rd largest import partner of Vietnam.

Vietnam and Japan have many opportunities to cooperate in the field of trade because the two economies complement each other.

Japan is a country with a highly developed economy and the world's leading advanced technology. It is one of the leading countries in the application of science and technology, the development of a digital economy and society.

Vietnam possesses a highly open economy, maintaining a rapid growth rate, abundant young human resources, and the need to improve competitiveness and industrial production efficiency.

The two economies are highly complementary and have great potential for cooperation in the fields of technological innovation, digital transformation and supply chain diversity.

Promoting economic relations between Vietnam and Japan

At the sixth meeting of the Vietnam-Japan Joint Committee for Industrial, Trade and Energy Cooperation held in Hanoi recently, Minister of Industry and Trade of Vietnam Nguyen Hong Dien and Minister of Economy, Trade and Industry of Japan Nishimura Yasutoshi affirmed the direction of bilateral cooperation in each field in the coming time.

Specifically, in the field of industry, the two Ministers agreed to establish a joint working group to build projects towards the future of the two countries.

The two countries cooperated to promote the development of future-oriented industries such as semiconductors, AI, space industry, and biotechnology. They are inevitable trends, positively impacting the socio-economic development of countries.

In the field of trade, the two Ministers discussed and exchanged cooperation contents to promote economic integration in the Asia-Pacific region.

This is through the effective implementation of commitments in the new generation free trade agreements and the multilateral cooperation framework of which the two countries are members.

Deepening Vietnam And Japan Trade Relations
Seafood is one of the main export products from Vietnam to Japan. Photo: Cong Thuong

Regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the two Ministers welcomed the partnership officially taking effect for all original signatory countries and the UK becoming the 12th economy to join CPTPP in 2023.

The two Ministers also agreed that the expansion of the CPTPP should be based on maintaining the high standards of the partnership, as well as the experiences that CPTPP members have drawn from the UK's negotiation process.

Regarding the Regional Comprehensive Economic Partnership (RCEP), the two Ministers welcomed the establishment of the RCEP support unit, which will help implement the partnership more effectively.

They also appreciated the interest of a number of economies in joining the RCEP.

Within the Indo-Pacific Economic Framework for Prosperity (IPEF), the two Ministers welcomed the member countries' basic completion of negotiations under Pillar II on supply chains, towards the goal of completing domestic procedures and signing.

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