CPTPP bolsters Vietnam’s aquatic exports to Japan

Vietnam is eyeing fresh opportunities in exporting aquatic products to Japan thanks to the high level of openness of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Nguyen Manh Dong, third secretary of the Vietnam Trade Office in Japan, said that apart from the Vietnam-Japan Economic Partnership Agreement (VJEPA), the two countries have joined other trade deals like the Regional Comprehensive Economic Partnership (RCEP) and the CPTPP, which brings more chances for Vietnamese aquatic products in this market.

Japan’s commitments in the CPTPP for aquatic products is high, including the exemption of 65% of the total tax lines and cutting the remaining in a roadmap of 6-16 years.

The CPTPP allows Vietnam to import materials from 11 member countries to export to Japan with secured tax preferences, which means the deal brings great advantages for Vietnamese aquatic products in Japan in both origin and tax, Dong added.

Japan is the third largest market of Vietnamese aquatic products, with export revenue reaching $638.91 million in the first five months of the year, up 15.7% year-on-year, accounting for 13.6% of the sector's total export revenue.

However, the Vietnam Trade Office representative reminded exporters to strictly follow this choosy market's food safety regulations to protect their interest and good image of Vietnam's fisheries sector.

He also advised domestic firms to keep their price stable to win confidence from sensitive Japanese consumers.