Vietnam, Japan work to harvest agriculture opportunities

The event was co-hosted by the Vietnamese Ministry of Agriculture and Rural Development (MARD), the Vietnamese Embassy in Japan, the Japan External Trade Organization (JETRO), and the ASEAN-Japan Centre (AJC).

In his opening speech, Vietnamese Ambassador to Japan Pham Quang Hieu hailed Japan as Vietnam’s largest supplier of official development assistance (ODA), the second biggest partner in labour cooperation, the third largest in investment and tourism, and the fourth largest in trade.

However, he noted the vast potential for growth in agricultural trade, with Japan accounting for a mere 7.4% of Vietnam's total agro-forestry-fishery exports and Vietnam representing just 1.1% of Japan's.

To tap into this potential, experts presented insights into the current landscape, opportunities, and incentives for agricultural trade and investment.

Commercial Counselor Ta Duc Minh offered practical advice to businesses, urging them to make optimal use of tax reduction benefits from free trade agreements of which both countries are members, leverage support from relevant ministries and agencies, engage in both direct and online trade connection events, and showcase products at major fairs and exhibitions both at home and abroad.

A discussion session chaired by Deputy Minister of Agriculture and Rural Development Tran Thanh Nam and Ambassador Hieu followed, with participants raising questions about government policies and support mechanisms.

In his concluding speech, Deputy Minister Nam highlighted the complementary nature of the two countries' agricultural sectors, with Vietnam’s strengths in tropical products and Japan’s expertise in temperate agriculture, machinery, and fertilisers.

According to him, the Japanese companies are also heavily investing in agricultural production in Vietnam to create supply chains for Japan and third-country exports.

Vietnam's agricultural exports to Japan have been surging, with Japan emerging as the third-largest importer last year. The first half of 2024 witnessed a 5% year-on-year increase, valued at 1.91 billion USD.

Nam also vowed to consult his ministry and the Government to build policies and mechanisms conducive to agricultural trade and investment between the two nations.