Vietnam-Japan trade expected to reach $29bn

The bilateral trade turnover between Vietnam and Japan is expected to reach 29 billion U.S. dollars in 2013, up 16 percent over 2012, Vietnam's state-run news agency reported on Tuesday.Of the total figure, Vietnam's exports to Japan is set to attain some 13 billion U.S. dollars, said the report. Vietnam exports to Japan mainly crude oil, garment and textile products, seafood, wood and wooden products while it imports machinery and tools, electronic appliances and spare parts as well as plastic products.In recent years, though witnessing an average growth rate of 18 percent in bilateral trade turnover, Vietnam accounts for a small fraction of only 1.7 percent of Japan's import demand.In a move to boost imports of Vietnamese seafood products, following the agreement reached by the two sides on food hygiene and safety, since March 15, seafood products which are already passed the quality testing in Vietnam will not be re-tested in Japan. This will make Vietnamese export enterprises more active in exporting to Japan.Vietnam and Japan established diplomatic ties in 1973. Japan is currently the leading foreign investor in Vietnam with 1,900 projects, worth 31.84 billion U.S. dollars.Japan has pledged to provide Vietnam with a 175 billion Japanese yen (1.9 billion U.S. dollars) loan for the 2012 fiscal year.Accordingly, the Japanese side will inject the sum into transport projects including the second stage of the Nhat Tan bridge-Noi Bai airport project, the third stage of the Nhat Tan bridge project, and the third stage of improving safety on the Hanoi-Ho Chi Minh City railway project.