CPTPP boosts Vietnam's aquatic exports to Japan

Nguyen Manh Dong, Third Secretary of the Vietnam Trade Office in Japan, stated that in addition to the Vietnam-Japan Economic Partnership Agreement (VJEPA), the two countries have joined other trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), which provides Vietnamese aquatic products with more opportunities in this market.

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He noted that Japan's CPTPP commitments for aquatic products are substantial, including the exemption of 65 percent of the total tax lines and the reduction of the remainder over a period of 6 to 16 years.

The CPTPP enables Vietnam to import materials from eleven member countries for export to Japan with secured tax preferences, he added, arguing that the agreement provides substantial origin and tax advantages for Vietnamese aquatic products in Japan.

Japan is currently the third largest market for the Vietnamese aquatic sector, with export income reaching 638.91 million USD in the first five months of this year, rising 15.7% year-over-year and accounting for 13.6% of the sector's overall export revenue.

However, a spokesperson from the Vietnam Trade Office cautioned exporters to closely adhere to food safety rules while exporting aquatic products to this market in order to preserve their interests and the good image of the Vietnamese fisheries sector.

He also recommended domestic enterprises to aim to keep their product prices stable in order to gain the trust of Japanese consumers who are price sensitive.