New Trade Pact Will Allow More Japanese Imports

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Sept. 15 – It will now be easier for Vietnamese businesses to import more goods from Japan when the Vietnam-Japan Economic Partnership Agreement (VJEPA) takes effect in October.

Vietnam Net reports that under the agreement ninety-two percent of goods traded between Japan and Vietnam will be qualified for a tariff reduction or exemption including 86 percent of forestry and farm products and seafood and 97 percent of industrial products.

For Vietnam, tariff duties for Japanese flat screen TVs, digital cameras and DVD players will be reduced so access to more high-quality Japanese goods is expected as more businesses lower prices.

The General Director of Sony Electronics Vietnam, Kimihiro Itoki was quoted by Vietnam News as saying that he expects the impact of the new trade agreement to be substantial, but, he said, it will not be fully felt for several years.