Vietnam's exports to Japan
- Export turnover
Over the years, Japan has remained one of Vietnam's most important export partners. In 2023, Japan ranked 4th in the list of Vietnam's largest export markets with an export turnover to this country reaching 23.31 billion USD (General Department of Customs, 2024). Over the past decade, Vietnam's exports to Japan have increased rapidly, from 14.7 billion USD in 2014 to 23.3 billion USD in 2023. However, the average export growth rate of Vietnam to Japan during this period was 5.8%, significantly lower than the average export growth rate of Vietnam to the world in the same period (10.6%).
Japan is a potential export market for Vietnam thanks to the preferential tariff advantages from the common Free Trade Agreements (FTAs) between the two countries (04 FTAs up to now, including VJEPA, AJCEP, CPTPP and RCEP). However, Vietnam's export turnover to this country is still quite modest, accounting for only 6.6% of Vietnam's total export turnover to the world in 2023. On the Japanese side, Vietnam ranks 8th in the list of Japan's largest suppliers of goods, however, the import turnover of goods from Vietnam only accounts for 3.3% of the total import value of goods of this country (2023 data from ITC Trademap). Thus, it can be seen that the potential and room for Vietnam's exports to the Japanese market is still very significant.
Table 1: Vietnam's exports to Japan in the period 2014-2023
|
Year |
Vietnam’s export value to Japan (billion USD) |
Vietnam's export growth rate to Japan |
Vietnam’s export growth rate to the world |
|
2014 |
14,69 |
7,79% |
13,77% |
|
2015 |
14,13 |
-3,82% |
7,86% |
|
2016 |
14,67 |
3,82% |
8,99% |
|
2017 |
16,86 |
14,91% |
21,82% |
|
2018 |
18,83 |
11,71% |
13,29% |
|
2019 |
20,33 |
7,96% |
8,44% |
|
2020 |
19,28 |
-5,16% |
6,95% |
|
2021 |
20,13 |
4,39% |
18,94% |
|
2022 |
24,25 |
20,45% |
10,57% |
|
2023 |
23,31 |
-3,84% |
-4,59% |
Source: Vietnam’s General Department of Customs, 2024
- Main export products and market shares
Vietnam's main export items to the Japanese market are machinery, electrical/mechanical equipment, clothing, footwear, wood and wood products, furniture, plastic products, etc.
Among the above products, Vietnam is in the top 5 countries exporting the most to Japan for 7 out of 10 product groups. In terms of specific market share, while the import market share of machinery, electrical/mechanical equipment, and vehicles of all kinds from Vietnam to Japan is still relatively modest, clothing, footwear, wood and wood products account for a relatively significant import market share of this market (all accounting for over 15%).
The main competitors of Vietnamese goods in the Japanese market are China and some ASEAN countries (Myanmar, Thailand, Cambodia, Indonesia, Malaysia).
Table 2: Top 10 products exported by Vietnam to Japan in 2023
|
No. |
Goods description |
Value (billion USD) |
Proportion in total import value of Japan(%) |
Top 5 import countries of Japan |
|
1 |
Chapter 85: Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles |
6,92 |
6,02% |
China, Taiwan (China), Vietnam, Thailand, United States |
|
2 |
Chapter 61: Articles of apparel and clothing accessories knitted or crocheted |
2,11 |
17,61% |
China, Vietnam, Bangladesh, Cambodia, Myanmar |
|
3 |
Chapter 62: Articles of apparel and clothing accessories, not knitted or crocheted |
1,99 |
16,97% |
China, Vietnam, Myanmar, Bangladesh, Italy |
|
4 |
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof |
1,67 |
2,41% |
China, United States, South Korea, Thailand, Germany |
|
5 |
Chapter 44: Wood and articles of wood; wood charcoal |
1,53 |
15,37% |
Vietnam, China, United States, Philippines, Canada |
|
6 |
Chapterr 64: Footwear, gaiters and the like; parts of such articles |
1,31 |
25,88% |
China, Vietnam, Italy, Indonesia, Cambodia |
|
7 |
Chapter 39: Plastics and plastic products |
0,92 |
5,71% |
China, United States, South Korea, Taiwan (China), Thailand |
|
8 |
Chapter 94: Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings |
0,87 |
10,98% |
China, Vietnam, Taiwan (China), Thailand, Malaysia |
|
9 |
Chapter 95: Toys, games and sports requisites; parts and accessories thereof |
0,76 |
9,83% |
China, Vietnam, United States, Taiwan (China), Thailand |
|
10 |
Chapter 87: Vehicles other than railway or tramway rolling stock, and parts and accessories thereof |
0,66 |
2,65% |
China, Germany, Thailand, USA, Italy |
Source: ITC Trademap, 2024
Source: Center for WTO and International Trade
