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Vietnamese companies shift focus to Japanese market
Apr '09
During the current situation, when global economic downturn is affecting export of goods to various markets, Vietnamese companies have decided to increase their exports to Japan, courtesy the Vietnam-Japan Economic Partnership Agreement (VJEPA).

The Saigon 3 Garment Joint Stock Company is busy in manufacturing products to fulfill a contract of export of 800,000 products to big Japanese partners. Out of the total exports of products worth $25 millions, about 65 percent of export of the company has gone to Japan.

Pham Xuan Hong, Chairman of the Saigon 3 Garment Joint Stock Company said that Japanese market is the only market which does not have any effect of recession on the number of export orders and unit export prices.

According to Hong, Japanese customers are difficult to please but if the companies can overcome the difficulties and are able to fulfill their requirements then it would be easy to get long-term and stable contacts with the Japanese partners by wining their confidence.

Along with Saigon 3, few other companies such as Viet Tien, Nha Be and Phong Phu are restructuring their global buyers and also have got big orders for shirts, suits and towels from Japanese partners.

About 33 percent of Viet Tien's exports have been going to Japan, which is more than that have been going to the US and the EU. The company has been developing Japanese market since 2007, which has vast potential, said Phan Van Kiet, Deputy General Director of Viet Tien Company.

Further he added that the Japanese market can offer long-term as well as high stability while the other markets are risky and unstable.

The Vietnam Textile and Garment Group (Vinatex) and the Vietnam Textile and Apparel Association (Vitas) signed agreements with companies such as Shikibo and Mitsui as soon as VJEPA went into effect and in the process reduced import tax on Vietnam-made garments from 5-10 percent to zero percent.

Being highly competitive, Vietnam's Garment industry has the ability to attain the requirements of Japanese importers, said, Mr Le Quoc An, Chairman, Vinatex. Many Japanese importers are placing orders with Vietnamese exporters appreciating the stability and skill of Vietnamese workers, added An.

To take full advantage of VJEPA with its zero percent import tax rate, Vietnamese companies need to go through only one condition, which is that the raw materials for the finished products should originate from Vietnam, Japan or ASEAN countries.

Fibre2fashion News Desk - India

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