Study Japan’s import rules: Minister
Posted by Bao Viet Nam on October 8, 2008
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| Bathtubs are made at INAX-Vietnam Sanitary Ware Co, which is backed by investment from Japan’s INAX Corp. Japan is now Viet Nam’s third largest trade partner, with two-way trade expected to reach US$15 billion this year. — VNA/VNS Photo Hong Ky |
HA NOI — Domestic businesses would need to study the Economic Partnership Agreement (EPA), slated to be signed by Viet Nam and Japan by the end of the year, said the Minister of Industry and Trade, Vu Huy Hoang.
In order to fully utilise the agreement for exporters benefit, local firms needed to understand Japanese import regulations, he said.
The Ministry of Industry and Trade in co-operation with other industries would introduce the provisions of the agreement in order to raise awareness among firms on regulations and help discover opportunities, he said, adding that the EPA, which had received agreement in principle by the two sides, would create opportunities for exporters to better penetrate the Japanese market, especially for agro, forestry and fishery enterprises.
If the EPA was signed, he said, at least 86 per cent of farm and forestry products and 97 per cent of industrial products exported to Japan would enjoy preferential taxes.
In negotiations, the Japanese side asked Viet Nam to further open its market for Japanese industrial products. In return, Japan will open its market to Vietnamese apparel, seafood and farm produce.
Hoang said the two sides still had to discuss concrete tax rates, but the import tax rates would not be lower than the rates Viet Nam set in agreements with China and South Korea.
Phan The Rue, former Deputy Minister of Trade, suggested local firms take the initiative in tapping business opportunities in Japan, in the hope of promoting exports.
Vietnamese businesses, especially small – and medium-sized enterprises, should focus on ensuring the quality of products and establishing stable business relations to foster exports to Japan, said trade counsellor of the Viet Nam Embassy in Japan Vu Van Chung.
He said that opportunities were waiting Vietnamese goods as they made up a modest 0.9 per cent of Japan’s total imports in recent years.
Japan is now Viet Nam’s third largest trade partner. The two countries expect to record US$15 billion in two-way trade this year, two years ahead of the target agreed upon by the two countries’ leaders.
Experts expected that trade turnover between the two countries would surge strongly after the agreement was signed. —
