Japan became Vietnam ’s second largest garment and textile export market in the first quarter of this year with total export turnover reaching $334 million, up 41 per cent over the same period last year.
According to analysts, the rise in Vietnam ’s export turnover to Japan is owing to Japanese importers’ shift from China to Asian suppliers including India , Bangladesh and Vietnam .
Additionally, the Vietnam – Japan Economic Partnership Agreement coming into effect late last year which brought taxes on textile and garment products exporting to Japan to 0 per cent has opened up big opportunities for Vietnam textile industry.
In such favourable conditions, Vietnam Textile and Apparel Association (Vitas) predicts that Vietnam’s garment exports to Japan will reach $1.5 billion this year, up over 20 per cent over 2010.
Vietnam earned $1.2 billion from garment and textile export to Japan in 2010, up 20 per cent over 2009.