Strong export growth was recorded in items such as garments and textiles, with turnover of US$2.74 billion, up 6.6% on-year. This was followed by means of transport and spare parts with US$1.95 billion, up 3.2%; as well as group of machinery, equipment, tools, and spare parts with US$1.76 billion
Most notably, robust growth was also seen in the category of computers, electronic products and components, up 36.5%, coffee up 41.1%, fertilizers of all kinds, up 350.1% and glass products, up 73.3%.
Insiders pointed out that Japan represents a potential export market for local goods thanks to the preferential tariff incentives from the Free Trade Agreements (FTAs) between the two countries including the Vietnam-Japan Economic Partnership Agreement (VJEPA), the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).
However, Vietnamese export turnover to the demanding market remains modest, accounting for only 6.6% of the nation’s total export turnover last year, thereby opening up bright export prospects to the market moving forward.
