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Vietnam-Japan trade ties

Vietnam, Japan eye stronger trade ties

08:20 | 03/07/2020

Vietnamese Minister of Industry and Trade Tran Tuan Anh and Japanese Minister of State for Economic and Fiscal Policy Nishimura Yasutoshi on July 2 discussed ways to boost trade between the two countries. 

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vietnam japan eye stronger trade ties
Minister of Industry and Trade Tran Tuan Anh (Photo: MoIT)

Vietnamese Minister of Industry and Trade Tran Tuan Anh and Japanese Minister of State for Economic and Fiscal Policy Nishimura Yasutoshi on July 2 discussed ways to boost trade between the two countries.

During their phone discussion, the two ministers also shared the views on the significance of border trade and the Comprehensive and Progressive Agreement for Trans-Pacific (CPTPP) to post-pandemic economic recovery in the region and the world, the Vietnamese Ministry of Industry and Trade reported.

They also expressed concern over the unilateral protectionism and agreed on importance of promoting the role of multi-border trade in economic recovery and development post-COVID-19.

The ministers said the CPTPP is significant to economic development of the world and CPTPP members in particular.

In the recent context, the deal will help expand the regional and global supply chains, thus enhancing the sustainable development of member economies, while promoting the application of e-commerce and digital economy in production for rapid post-pandemic recovery, they agreed.

They also consented to coordinate closely to ensure the success of the third CPTPP Ministers’ Meeting, scheduled to take place online for August 5.

vietnam japan eye stronger trade ties
Vietnamese lychee is being processed for export to Japan (Photo: VNA)

This would help to strengthen the bilateral cooperation between Vietnam and Japan, while spreading a strong message on the role of the CPTPP to post-pandemic economic recovery and development, and affirming the support for multilateral trade system in line with regional and global principles and laws.

Concluding the discussion, the two ministers vowed to continue working closely together in the future to expand bilateral coordination, not only within the CPTPP framework but also in other frameworks that both sides are members such as the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN-Japan Free Trade Agreement.

According to the Vietnam Trade Office in Japan, Japan is one of the most important trade partners of Vietnam. In the first five months of this year, two-way trade went up 2.2 percent annually to USD 15.6 billion. Of which, USD 7.83 billion was Vietnam’s exports.

Experts forecast that once the COVID-19 pandemic is put under control, demand for consumer goods such as agro-forestry-aquatic products and household appliances in Japan will increase./.

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