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Vietnam-Japan FTA proves to be beneficial
05
Apr '10
Business entities of Vietnam will keep on capitalizing the Vietnam-Japan Economic Partnership Agreement that came into effect in June last year.

This economic agreement has helped in cutting down or exemption from duties on the export of Vietnamese textile, garment, seafood and vegetable products to the Japanese market, which has lead to an increase in Vietnamese exports to Japan.

More particularly, textile and garment exports to Japan are witnessing a remarkable growth. Products of these sectors receive duty-free entry into the Japanese market, under this trade pact.

This year, Japan has placed 20 percent extra orders compared to last year, said Pham Xuan Hong, Chairman, Sai Gon 3 Joint Stock Co, which has signed export contracts worth $50 million with Japanese companies.

The company will export six million pieces to Japan. Xuan also added that there are huge business opportunities if the Vietnamese entrepreneurs get the right businesses to deal with.

The export tariff was 10 per cent, before the treaty came in to effect. The Vietnam Textile and Garment Association recently announced that, it has joined an ASEAN project, which will help promote exports by setting up linkages between textile and garment industries of member-countries.

Fibre2fashion News Desk - India

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