January 5, 2010

 

Japan to import more Vietnamese agricultural products

 

 

Vietnam is expected to export more farm produce and seafood to Japan this year as the Vietnam Japan Economic Partnership Agreement takes effect.

 

The agreement will benefit farm produce and seafood the most, as Japan will reduce taxes on 784 out of 2020 farm produce, which account for 67.6% of total export revenue.

 

Japan will also reduce tax on 64 out of 330 seafood products, accounting for 71% of Vietnam's total seafood export revenue to Japan. Japan will also likely to impose 0% tax on Vietnamese shrimp, which will create a huge opportunity for market penetration. Vietnamese shrimp, which generated about US$1.51 billion of export revenue in 2009, is expected to be a top priority for Japanese importers this year.

 

In the next seven years, Japan will continue to reduce or remove import taxes on 72 agricultural products, which include processed corn and cassava among others.

 

In addition, Vietnam and Japan have different seasonal and climatic conditions, enabling Vietnam to export products that are not widely available in Japan.

 

But the Ministry of Industry and Trade warned that local exporters should pay due attention to products quality exported to Japan which has applied strict standards on food safety and hygiene.

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