Japan has signed the most bilateral and multilateral free trade agreements (FTAs) with Vietnam. According to Tran Quang Huy, Director of the Ministry of Industry and Trade's Asia-Africa Market Department, these open up many opportunities for stronger trade cooperation between the two nations.
Vietnam and Japan have many cooperation opportunities in the fields of trade, technological innovation, digital transformation and supply chain diversity, Huy said. The structure of export and import products of the two countries is clearly complementary to each other without direct competition.
Statistics show that bilateral trade turnover has increased steadily over the years, hitting 40 billion USD in 2020, 42.7 billion USD in 2021, 47.6 billion USD in 2022, and nearly 37 billion USD in the first 10 months of 2023. Japan is the third largest foreign investor in Vietnam with 5,227 valid projects worth over 71.41 billion USD by October 20, 2023. Meanwhile, Vietnam has 106 investment projects in Japan with a total registered investment capital of about 19.5 million USD.