AJCEP enlarges opportunity for textile & Garment products in Japan

24 Dec '08

1 min read

Japan has emerged as the largest export market for made-in-Vietnam products including crude oil and mineral, textile and garment products, wooden products.

For the ongoing year, export value to Japan is estimated to be US $7.5 billion, up 31.6 percent year-on-year, representing 11.7 percent of the country's total export value.

Japan is the third biggest consumer of Vietnam's textile and garment products. In October, the export value to Japan market was 676.4 million, soaring 15 percent.

Now that the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) came into effect from December 1, this year, the tax imposed on textile and garment products will be zero percent. This will increase the opportunity for Vietnam to boost the export to this market.

In the coming time, Vietnamese textile and garment industry directs to focus on high added value products to make use of tax incentive exports to this market.

Besides, Vietnam encourages and creates favorable conditions for Japanese investors to pour finances in the field of auxiliary production to replace import.

Vietnam aims to achieve the export target of $1.3 billion by 2010 to Japan, up 22.8 percent per year on average in the period 2008-2010.

Fibre2fashion News Desk - Vietnam

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