![]() In addition, local businesses have not fully tapped into distribution channels, with management capacity remaining weak. However, Vietnamese businesses are currently encountering difficulties in meeting the high import standards set in terms of quality and sustainability for the environment and society, Hung noted. Meanwhile, other countries in the region such as China, Bangladesh, and India are subject to high tax rates when exporting products to these markets. Hung pointed out that Vietnamese exports to both Japan and RoK enjoy tax incentives under the signed free trade agreements (FTAs) with tariffs placed on garments and textiles, aquatic products, and fruits slashed to 0%. ![]() Moreover, some Vietnamese agricultural exports such as bananas, frozen vegetables, coffee, cashew nuts, aquatic, and wooden products make up just 0.6%, 1.6%, 14%, 5.2%, 22%, and less than 5% of the market share in Japan, respectively. ![]() Vietnam also exports leather and footwear products worth US$823 million to this market, accounting for only 18% of the overall market share, cited VOV. Japan imports garments and textiles worth about US$24 billion annually, although Vietnamese export turnover to the market stands at only US$2.9 billion, equivalent to roughly 12% of the market share in Japan. With Vietnamese goods making up only 2.7% and 3.3% in Japan and the Republic of Korea, respectively, there remains a wealth of opportunities open for Vietnamese exports to enter these promising markets, according to the Ministry of Industry and Trade (MoIT).ĭo Quoc Hung, deputy director of the Asia-Africa Market Department under the MoIT, revealed that both Japan and the RoK have great import demand in areas where Vietnam has strengths. Lotus Village Festival 2023 to mark birthday of President Ho Chi Minh Vietnam – Korea cultural exchange held in Uijeongbu Vietnam needs to fine-tune legal system to attract Korean investorsĪSEAN hails Vietnam’s practical contributions to regional architecture Trang An Festival attracts thousands of visitors Vietnamese food outlet listed among 100 best restaurants in New YorkĬhip-based passports can be provided online, sent via post Vietnamese Karate fighters conclude competitions in SEA Games 32 with six golds Vietnam News Today (May 9) notable headlinesīright prospects ahead for exports to Japan and RoK
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