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Jun 30, 2022 / 14:30

“Japan Street” to bolster Vietnam-Japan business cooperation: JETRO

More than 100 Japanese companies in the food industry and 30 in cosmetics are looking for partners and expanding business in Vietnam.

Japan Street, an online catalog site, is expected to further enhance business cooperation between Vietnamese and Japanese enterprises and further contribute to bilateral relations.

 Deputy Head of JETRO in Hanoi Keisuke Kobayashi at the event. Photo: Hai Yen

Project Manager at the Japan External Trade Organization (JETRO) in Hanoi Yutaka Yasunaga stressed the view during a press briefing on the platform held today [June 30].

According to Yasunaga, “Japan Street” would help connect Japanese suppliers with overseas buyers, including those from Vietnam.

Yasunaga said that the Covid-19 pandemic and the restriction measures adopted by countries around the world have made it difficult to set up direct meetings between buyers and suppliers.

“An online platform, therefore, is considered an effective solution to avoid disruption to economic activities,” Yasunaga added.

The website, launched in January 2021, now boasts over 2,700 Japanese suppliers with over 23,000 products ranging from foodstuff, cosmetics to clothes.

So far, over 800 buyers from 50 countries and territories have conducted transactions with their Japanese partners on the website.

 The interface of the website.

The JETRO’s representative noted that to ensure effective transactions, only a limited number of overseas buyers registered on the website can search for products on display.

“Given its simple interface, buyers can search for any product available or specific supplier, request price quotation or ask to set up an online meeting if needed,” Yasunaga said, adding JETRO could provide a translator for free  upon request.

Over 100 Japanese businesses looking to expand operations in Vietnam

Deputy Head of JETRO in Hanoi Keisuke Kobayashi noted that Vietnam-Japan economic relations, especially in bilateral trade, have improved significantly over the years.

Vietnam’s exports to Japan rose 10-fold from US$1.7 billion in 2001 to $17.1 billion in 2020, while imports also surged from $2.6 billion in 2001 to $22.1 billion in 2020.

Among ASEAN members, Vietnam is now the largest export market for Japanese food, making up 34% of Japan’s exports to the bloc. This represented a significant rise from just 7% in 2001.

Vietnam also rose from fourth to second place among the top ASEAN food exporters to Japan.  

“There has been a growing number of Japanese investors coming to Vietnam, especially in fields of electronics production, manufacturing, and processing,” he added.

Kobayashi noted that JETRO is planning for two trade promotion events on food, cosmetics, and healthcare products in Vietnam in August and late September.

“Over 100 Japanese firms in the food industry and 30 in cosmetics/healthcare are looking for partners and expanding businesses in Vietnam,” he said.