Vietnam export prospects bright as Japan rebuilds

The prospects for Vietnamese seafood and wooden furniture exports to Japan remain very good despite the crisis in that country.

Nguyen Trung Dung, deputy director of the Ministry of Trade’s Competitiveness Department and commercial counselor in the Vietnamese embassy in Japan, says that the prospects for Vietnamese seafood and wooden furniture exports to Japan remain very good despite the crisis in that country.

How can Vietnamese exporters increase shipments to Japan in the current situation?

After the severe earthquake and tsunami last month, the Japanese are rebuilding their country rapidly. Hence, for the reconstruction, they need to import many goods like construction materials and furniture. This offers big opportunities for Vietnamese exporters since trade barriers are not a concern for Vietnamese goods.

Vietnamese exporters should focus on product quality to meet the standards required by Japanese partners and on taking advantage of low levels of tariff or zero tariff for some product under the Vietnam-Japan Economic Partnership Agreement signed in October 2009.

What are the export items with the highest potential now?

Japanese use a lot of porcelain and wooden furniture to decorate their house. During the reconstruction, the demand for these items will definitely increase. Thus, Vietnamese exporters of handicraft, porcelain, wooden furniture, and other decorative items need to grab the opportunity.

In addition, consumption of seafood, especially shrimp and fish, is very high in Japan.

However, consumers are afraid of local seafood since the sea there has been contaminated by radiation from the damaged nuclear plant. In the upcoming time, Japan is expected to increase import of the item.

The Japanese have for long been fond of Vietnamese seafood. Vietnam is currently one of the biggest seafood exporters to the country with a more than 20 % market share.

It is an opportunity for Vietnamese seafood exporters to increase exports.

Before the crisis, early in 2011, Japanese importers had enhanced trade with Vietnamese partners and increased investment in our country.

There was a clear trend of Japanese shifting imports from China to Vietnam. This, added to the need for goods for reconstruction, means there will be plenty of opportunities for Vietnamese exporters. – Tuoitre

Tags: Vietnam export turnover, Vietnam exports, Vietnam exports 2011