VIETNAM AND JAPAN ARE THE GROWING BILATERAL TRADE PARTNERS OF THE FUTURE


 


VIETNAM AND JAPAN TRADE RELATIONS AND PAST YEARS’ TRENDS

 

The friendship between Vietnam and Japan is going on for a very long period and has almost crossed a millennium (1000 years+). The first ever trade or diplomatic relation between these two nations happened in the 16th century. In the modern era, the trade relations between Vietnam and Japan are purely based on the developing economy of Vietnam and Japan playing a role of an investor accompanied by a foreign aid donor. The nominal GDP of Vietnam as known accurately is USD 408.94 billion, whereas the GDP of Japan is USD 4.91 trillion.

 

If you are interested to know about the trend followed between Vietnam and Japan in terms of bilateral trade statistics and how Vietnam Trade Data performs when compared to that of Japan, then have a look at the table below:

 

                      VIETNAM – JAPAN BILATERAL TRADE TRENDS (2017-2021)

YEAR

VIETNAM > JAPAN

JAPAN > VIETNAM

TOTAL TRADE

2017

USD 16.79 billion

USD 16.91 billion

USD 33.70 billion

2018

USD 18.83 billion

USD 19.04 billion

USD 37.87 billion

2019

USD 20.42 billion

USD 19.53 billion

USD 39.95 billion

2020

USD 19.26 billion

USD 20.27 billion

USD 39.53 billion

2021

USD 20.11 billion

USD 22.6 billion

USD 42.71 billion

 

From the above-mentioned table, it is clear that along with Vietnam Export Data and Vietnam Import Data the total trade between both nations has also increased.

 

Another thing that also deserves our focus is that Vietnam has always been under a trade deficit except in the year 2019-20.

 

Major products exported by Vietnam to Japan, as per Vietnam Export Data for the year 2021 were Electrical machines and appliances, Apparel and clothing items, machines and gadgets, wooden items, and plastic products.

 

Similarly, Vietnam imported multiple products from Japan to fulfill the demands of its citizens too. So, the top five products that were imported as per Vietnam Import Data for the year 2021 were electric-powered gadgets, iron and steel, plastic items, automobiles, and copper articles.

 

FUTURE PROSPECTS OF VIETNAM AND JAPAN BILATERAL TRADE TIES – DEALS AND AGREEMENTS

 

As the trade relations between both countries are very good and growing every year, these two nations are now denoted as one of the emerging bilateral partners of the future. To make this belief stronger, both countries were involved in a high-level seminar session conducted on 7th March 2023 in Hanoi.

 

The agenda of this seminar was to discuss the future prospects and opportunities that can help to fuel the bilateral trade between these countries. During the seminar, the prime minister of Vietnam, Pham Minh Chinh addressed the audience and mentioned that since the establishment of diplomatic and trade relations between Vietnam and Japan, the friendship between them has become stronger and both nations have attained growth in various fields.

 

In our view, throughout all these years, the main attention is given to the economic, investment, and trade areas. Multiple agreements and legal frameworks are signed between these two nations such as the Free Trade Agreement of the modern times, followed by CPTPP, and RCEP. Contact us now to find out more about these modern-age agreements.

 

According to the Vietnam Trade Data report and other crucial reports of Japan, the bilateral trade between these two nations touched USD 50 billion in the year 2022 which made Japan the 4th biggest trade partner of Vietnam. Future growth is going to happen without saying as the current trends show an upward graph.

 

CONCLUSION

 

To conclude our insightful blog, we would like to mention that both nations are performing well in their domains and each nation comes with its unique trait, such as Vietnam comes with highly efficient labor at low cost, whereas Japan comes with its technology and land area. When both these nations perform bilateral trade, the expertise of each nation is shared in a fruitful manner that leads to growth and development in both nations. Future plans are also designed and set in front of both countries which shows the flourishing economy.

 

For more information and tips about Import export data reports, informative market, and analytical insights, keep following us and visit our website. We provide the most accurate and genuine reports for more than 70 major countries so that you stay a step ahead of your competitors.

Location: Pitam Pura, New Delhi, Delhi, India

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