At the meeting, Minister Nguyen Hong Dien affirmed that the economic and trade relations between the two countries have been developing well and increasingly deepening, achieving many encouraging achievements with the highlight being the close cooperation between the two countries since becoming members of the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).
Regarding cooperation within the framework of the CPTPP Agreement, Minister Nguyen Hong Dien highly appreciated Japan's coordinating role in the negotiation process of the United Kingdom's accession to the CPTPP Agreement. Currently, CPTPP members are carrying out ratification procedures according to their internal processes so that the Agreement can officially take effect with the UK and CPTPP members. Minister Nguyen Hong Dien announced that the Vietnamese National Assembly has ratified the UK's accession to the CPTPP Agreement on June 25, 2024, putting Vietnam in the first group of countries to ratify so that the Agreement can soon take effect with the UK, bringing benefits to businesses and people of the entire CPTPP bloc.
Regarding the accession of other economies to the Agreement, the two Ministers agreed that the two sides will continue to cooperate closely in considering the accession of other economies on the basis of ensuring the high standards of the Agreement, in accordance with the wishes of all CPTPP Members.
Regarding the implementation of the CPTPP Agreement, the two Ministers agreed that the two sides will closely coordinate in the Review of the implementation of the Agreement, in order to improve the effectiveness of the implementation of the CPTPP Agreement in the coming time, helping to bring more benefits to businesses and people, and at the same time helping to elevate the CPTPP Agreement so that the CPTPP Agreement plays an even more important role in regional and global trade.
Regarding bilateral trade relations, Minister Nguyen Hong Dien asked the Japanese side to consider and continue promoting economic and trade relations between Vietnam and Japan. Minister Nguyen Hong Dien also asked Japan to study and develop a mechanism to support Vietnamese management agencies and enterprises to effectively utilize the commitments of the Free Trade Agreements to which both countries are members in order to further promote bilateral trade, commensurate with the potential of the two countries.
Japan is currently Vietnam's fourth largest trading partner. In the first 5 months of 2024, the total import-export turnover between Vietnam and Japan reached 18.3 billion USD, up 4.4% over the same period in 2023, of which Vietnam's export turnover to Japan reached 9.4 billion USD, up 3.2%, Vietnam's import turnover from Japan reached 8.8 billion USD, up 5.8% over the same period. In 2023, Vietnam's total import-export turnover with Japan will reach 45 billion USD, down 5.6% compared to 2022; of which Vietnam's exports to Japan will reach 23.3 billion USD, down 3.8%; Vietnam's imports from Japan will reach 21.6 billion USD, down 7.5%. |
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