Vietnam-Japan Trade Forecast to Rise 15%-20% to over US$18B Next Year
Trade between Vietnam and Japan is projected to grow 15% and 20% from a year earlier to over US$18 billion in 2010 between thanks to the Vietnam-Japan Economic Partnership Agreement (VJEPA) effective from Oct. 1, 2009.
Deputy Head of the Industry and Trade Ministry’s Multilateral Trade Policy Department, Le Quang Lan announced the estimated figure at a seminar introducing the VJEPA in Hanoi on Dec. 21.
The bilateral trade is estimated at US$16 billion this year, equaling the figure of last year, Lan said.
Under the agreement inked in Tokyo last December, Vietnam and Japan agreed to exempt taxes for 92% of bilateral traded goods within 10 years of implementation (2009-2019).
Japan will exempt 7,220 out of 9,100 import tax lines for Vietnamese products from October 1 to March 31, 2012 while Vietnam will also cancel 2,586 out of 8,873 tax lines for imports from Japan during the time. (Trade & Industry)
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