Vietnam’s share of the Japanese consumer market remains modest, making up just 1.3 percent of its total import demand.
The Ministry of Industry and Trade said in the past two months, the country’s exports to Japan reached US$1.87 million, up 0.84 percent against the same period last year.
Among major items were crude oil, seafood, rice, garments and textiles, timber and wood products, and electric cables.
Since 2005, Vietnam’s export earnings from Japan has risen 159.9 percent, from US$4.41 billion, to US$13.05 billion by the end of last year.
Vietnam’s key competitors in the market are China, the Republic of Korea and Indonesia.
In recent years, Vietnam’s garment and textile exports to Japan have grown by 12 percent on average to become the third largest supplier to Japan, just after the US and the EU.
According to the Trade Promotion Agency under the Ministry of Industry and Trade, Japanese consumers have a huge demand for up to US$3.7 billion worth of clothes, of which only five percent are made in Japan.
But they are keenly interested in the quality and design of consumer goods for convenience rather than fashion.
- Japanese retailers keen on Vietnam
- Consumer loans allure Asian firms
- Japanese firms keen on M&A in Vietnam
- Japanese firms keen on M&As
- Japanese Investors Keen On Realty Market
- Japanese firms keen to invest in, buy shares in Vietnamese firms
- Great potential for Vietnamese fruit exports to Japan
- Japanese, Thai goods flood the local market
- Great results for Vietnamese M&A market