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Vietnam-Japan Economic Partnership Agreement comes into effect

Nhan Dan Online, Vietnam

Vietnam-Japan Economic Partnership Agreement comes into effect

2 October 2009

The Vietnam-Japan Economic Partnership Agreement (VJEPA) has come into official effect on October 1, thus import duty rates will be cut in accordance with the agreed roadmap.

Specifically, right from October 1, Vietnam commits to cutting 2,586 tax lines while Japan pledges to cut 7,220 tax lines.

Major Vietnam-made exports to Japan enjoy import duty rates of 0% from October 1 include garments and textiles, furniture, shrimps and products made from shrimps, electric cables, computers, durians and flowers and so on.

At present, aquatic, textile and garment, and leather shoes products are three main Vietnam-made exports to Japan.

According to the Vietnam Textile and Garment Association, it is predicted that if Vietnamese enterprises still keep export growth rate to Japan as they do today, the Vietnam-made textile and garment export turnover to the country will be up 18% – 20% this year to reach between US$900 million and US$1 billion.

The Vietnam - Japan trade turnover is expected to attain around US$18 billion in 2010.