Why is the export potential to Japan and South Korea still open?

DNHN - The proportion of Vietnamese goods in Japan and Korea's import structure is still very low. This is the opinion of an expert who spoke at the seminar titled "Promoting trade relations between Vietnam and the Japanese and Korean Markets

Vietnam and Japan have signed and implemented FTAs including the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), the Vietnam-Japan Economic Partnership Agreement (VJEPA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).

Mr. Pham Binh An, Deputy Director of the Institute for Research and Development of Ho Chi Minh City, stated that Japan and South Korea are two large economies and Vietnam's largest trading partner; however, the proportion of Vietnamese goods in the total import turnover of the Japanese and Korean markets is still low, at 2.7% and 3.3%, respectively.

According to Mr. Pham Binh An, Vietnam is a strong exporter of many key products, including textiles, footwear, and agricultural goods...

In 2022, Vietnam's imports and exports surpassed $ 700 billion for the first time, placing our nation among the leading economies in terms of international trade.

Vietnam enters 2023 with the expectation that it will continue to maintain its growth momentum from 2022.

However, international organizations predict that Vietnam's exports will face many challenges due to a decline in global demand, particularly in major economies that serve as import markets. important to Vietnam.

In this context, effectively exploiting markets with ample space, such as Japan and South Korea, will contribute significantly to export growth.

Mr. Choi Kyu Chul, vice president of the Korea Association of Commerce and Industry in Ho Chi Minh City (KOCHAM), stated that short-term, medium-term, and long-term strategies are necessary to increase bilateral trade. Korea.

Specifically, short-term emphasis should be placed on ensuring price, variety, packaging, and marketing competitiveness for Vietnamese goods in the Korean market.

In the medium and long term, Vietnam must develop its high-quality human resources and invest in infrastructure development with social capital, such as roads, ports, and airports; focus on expanding investment in supporting industries such as materials, components, and auxiliary services; and...

The Korean business community also anticipates that the Vietnamese government will enact several new policies shortly to support the development of industries and businesses, particularly in a friendly manner. environmentally responsible.

Mr. Keigo Yoshida, Senior Director of Aeon Topvalu Vietnam Co., Ltd.'s Product Department and Vice President of the Japan Business Association in Ho Chi Minh City. Ho Chi Minh City (JCCH)... stated that Vietnamese goods are becoming increasingly popular on the Japanese market and that export items have increased over the years, particularly textiles, footwear, leather goods, agricultural, and aquatic products.

To increase exports to this market, Vietnamese businesses should be aware that the Japanese market is experiencing a rapid change in product design. Rapid product turnover necessitates that, shortly, Vietnamese manufacturing firms establish ties with Japanese firms to conduct in-depth market research and tailor product development to consumer preferences. Japanese shoppers. Particularly diverse products that are easily adaptable to small quantities will be the new trend in consumption today.

In addition, Vietnamese businesses must expedite the production and packaging of their goods to expedite their delivery to Japanese consumers.

Mr. Keigo Yoshida added that transportation is crucial for agricultural products that require freshness; Vietnamese businesses must keep this in mind when exporting products to Japan to add value. high for export merchandise.

Lam Ha