UNIVERSITY OF ECONOMIC AND BUSSINESS
VIETNAM NATIONAL UNIVERSITY
---------***---------
GROUP REPORT
Major: Bussiness Administration
THE IMPACTS OF VJEPA ON VIETNAM’S ECONOMY
Members of Group 7:
Trịnh Ngọc Long – 1568555 – K17B
Nguyễn Doãn Đức Anh – 1540305 – K16
Đặng Vũ Long – 1570035 – K17B
Phạm Thị Thoa – 1606615 – K19C
Bùi Phan Hoài Thương – 1605249 – K19C
Vũ Thị Thanh Trang – 1606512 – K19C
Hanoi, month 5 year 2022
1
Contents
INTRODUCTION....................................................................................................................................................... 2
CHAPTER 1. THEORETICAL BACKGROUND OF FREE TRADE AGREEMENT (FTA) ....................................... 3
1.1. Definition of FTA ................................................................................................................................................ 3
1.2. Content of FTA ................................................................................................................................................... 3
1.2.1. Free trade in goods ......................................................................................................................... 3
1.2.2. Free trade in services ..................................................................................................................... 3
1.2.3. Free in investment .......................................................................................................................... 4
1.2.4. Promote economic cooperation among the country that sign in the agreement ............................ 4
1.3. Benefits and costs of FTA .................................................................................................................................. 4
1.3.1. Benefits 4
1.3.2. Cost
5
CHAPTER 2. ANALYSIS ON THE IMPACTS OF VJEPA ON VIETNAM’S ECONOMY ......................................... 7
2.1. The relationship between VN and JP, and the register VJEPA ........................................................................ 7
2.2. Main content of VJEPA ...................................................................................................................................... 7
2.2.1. The Target ...................................................................................................................................... 7
2.2.3. About trade in services ................................................................................................................... 9
2.2.4. About opening the labor market ..................................................................................................... 9
2.3. Impacts of VJEPA on Vietnam’s economy ...................................................................................................... 10
2.3.1. Impact on Trade – Import and Export ........................................................................................... 10
CHAPTER 3. POLICIES TO HELP ENTERPISES UTILIZING VJEPA .................................................................. 25
3.1. Situation of utilizing VJEPA from VN firm
3.2. Suggestted policies 25
3.3. Policy from firms
26
3.4. Policy from the government 27
3.5. Advantages and difficulties in Vietnam- Japan trade 28
3.5.1 Assess the situation of taking advantage of VJEPA 29
CONCLUSION ........................................................................................................................ 31
REFERENCE .......................................................................................................................... 32
2
INTRODUCTION
In recent years, the World Trade Organization (WTO) has played an important role in promoting
international trade liberalization, in order to bring prosperity to countries around the world.
However, the WTO has also revealed inadequacies such as the long accession negotiation time,
the difficulty of reaching a consensus among member countries, the limited scope of coverage,
the opposition of individuals, resistance organization, etc.
Therefore, countries today tend to turn to Free Trade Agreements (also known as FTAs for short).
Participating in FTAs allows each country to participate more quickly and effectively in regional
and inter-regional international trade activities, and at the same time, FTAs also show many
positive aspects in helping countries. improve, innovate policies, diversify markets for mutual
development.
We choose the topic "Impact of the Vietnam-Japan Economic Partnership Agreement VJEPA on
the Vietnamese economy" to study in detail the trade relationship between Vietnam and Japan
(one of the largest economic powers in the world) as well as the development of Vietnam's
economy under the impact of the Free Trade Agreement (FTA).
3
CHAPTER 1. THEORETICAL BACKGROUND OF FREE
TRADE AGREEMENT (FTA)
1.1. Definition of FTA
- The ideas of FTA was first expressed in the General Agreement on Tariffs and Trade (GATT)
in 1947: “A Free Trade Area is understood as a group of two or more customs territories in which
taxes and other trade provisions shall be removed for the majority of goods originating in those
territories and traded between those customs territories".(Puggle, 1978) From 1990 the concept
of a Free Trade Agreement (FTA) has expanded and deepened, especially in terms of
liberalization commitments.
- A free trade agreement is a pact between two or more nations to reduce barriers to imports and
exports among them. Under a free trade policy, goods and services can be bought and sold across
international borders with little or no government tariffs, quotas, subsidies, or prohibitions to
inhibit their exchange. (Barone, 2020).
- The FTA allows each country to liberalize trade with the countries in the association, but still
implement the policy of market diversification and multilateralization of economic relations
1.2. Content of FTA
1.2.1. Free trade in goods
- Taxes and non-tariff trade barriers In FTAs, an indispensable content is the commitment to
remove tariff and non-tariff barriers on goods. The parties commit to remove tariffs, apply a tax
rate of 0% for most goods and often specify lists such as: List of goods with immediate tax
removal, List of goods to be cut gradual tax reduction with tax reduction roadmap, list of sensitive
goods, list of exclusions not subject to reduction.
1.2.2. Free trade in services
- Today's FTAs include liberalization of trade in services, which means that large or small
openings in FTAs depend on the signatory country. When developing countries sign with each
other, the degree of liberalization in trade in services is not as high as in trade in goods. But if the
FTA has the participation of the US or some other developed countries, the reward requires a very
high degree of service liberalization, even absolute openness.
4
1.2.3. Free in investment
- Commitments towards investment liberalization are increasingly appearing in FTAs, especially
the FTAs with the participation of developed countries. The content of these commitments is
usually the removal of barriers for investors of the partner country, creating favorable conditions
for them to sign investment, for example, protect investors and investment activities, apply
national treatment to investors and investment activities.
1.2.4. Promote economic cooperation among the country that sign in the agreement
- In an FTA bloc, another common content is cooperation agreements in many fields to promote
economic relations and cooperation between partner countries. Some of the fields that are often
committed to cooperation are: human resource development, tourism, scientific and technological
research, financial services, information technology and telecommunications, and trade
promotion. and investment, development of small and medium enterprises, broadcasting and
other information sharing fields.
1.3. Benefits and costs of FTA
1.3.1. Benefits
- When entering an FTA, member countries tend to have to cut and remove tariff and non-tariff
barriers to promote free trade. As a result, costs will be reduced, leading to a decrease in the price
of goods, so the products of FTA member countries will have lower prices than domestically
produced products. This also means that the country will tend to import cheap products rather
than produce them domestically at a higher price. FTA strongly affects the process of institutional
reform and international economic integration of countries. FTA will help promote economic
development and deeper integration into the global economy.
For example, the US-Korea FTA helps Korea move up 12 places, from 23rd to 11th place in the
global competitiveness ranking 31
5
1.3.1.1. Increased efficiency
- The good thing about a free trade area is that it encourages competition, which consequently
increases a country’s efficiency, in order to be on par with its competitors. Products and services
then become of better quality at a lower cost.With more trade, domestic firms will face more
competition from abroad. Therefore, there will be more incentives to cut costs and increase
efficiency. It may prevent domestic monopolies from charging too high prices
1.3.1.2. Specialization of countries
- When there is intense competition, countries will tend to produce the products or goods that they
are most efficient at. Efficient use of resources means maximizing profit. Imagine that there are
two countries and both countries produce only two products. They can both choose to be selfsufficient, because they have the ability to produce both products. However, specializing in the
product for which they have a comparative advantage and then trading would allow both countries
to consume more than they would on their own.
- When there is competition, especially on a global level, prices will surely go down, allowing
consumers to enjoy a higher purchasing power.
1.3.2. Cost
- It can be said that FTA has contributed to accelerating the globalization process, promoting
bilateral relations between countries in the region and between regions. This creates external
pressure on the countries in the FTA association, and at the same time creates the effect of
"commitment to reform", forcing members to change to take full advantage of the benefits that
FTA linkages bring.
- Despite all the benefits brought about by a free trade area, there are also some corresponding
disadvantages, including:
1.3.2.1. Threat to intellectual property
- When imports are freely traded, domestic producers are often able to copy the products and sell
them as knockoffs without fear of any legal repercussions. Therefore, unless the FTA includes
provisions for intellectual property laws and enforcement there are no protections for exporting
companies.
6
1.3.2.2. Less tax revenue
- Since member countries are no longer subject to import duties, the government has lost a big
amount of tax revenue. The government needs to think of ways to make up for the reduced tax
revenue.
1.3.2.3. Aggressive competition from foreign rivals on local businesses
- With consumers' tendency to use cheap high-quality imported goods, this will put domestic
enterprises and companies at a great disadvantage. If local firms do not adapt, make use of new
market opportunities and potential partnerships with foreign firms – they could find competing in
the market challenging. This will also make the competition among domestic enterprises even
more fierce.
7
CHAPTER 2. ANALYSIS ON THE IMPACTS OF VJEPA ON VIETNAM’S
ECONOMY
2.1. The relationship between VN and JP, and the register VJEPA
- The economic cooperation between Japan and Vietnam has grown consistently in the last few
years, especially since the two countries established “an extensive strategic partnership for peace
and prosperity in Asia” in 2014. Driven by a growing bilateral trade and investments from Japan,
especially in infrastructure and energy projects, Japan has emerged as one of the leading economic
partners for Vietnam.
- Japan is the largest official development assistance provider, second largest foreign investor,
third largest tourists’ source, and fourth largest trading partner for Vietnam. As of 2017, Japan
was the leading foreign investor, with over 2,500 Japanese firms currently operating in Vietnam.
2.2. Main content of VJEPA
The Vietnam-Japan Economic Partnership Agreement (VJEPA) was signed on December 25,
2008 and came into force on October 1, 2009.
VJEPA has a comprehensive content, covering many areas such as trade in goods, trade in
services, investment, improving the business environment, human movement ...
2.2.1. The Target
Similar to other FTAs/EPAs, VJEPA has 7 main goals, which are outlined below: clearly stated
in the text of the agreement.
- First, the agreement is geared towards the liberalization and facilitation of trade between parties
primarily through the removal and lowering of trade barriers between the two country. The second
is to ensure the protection of intellectual property and promote cooperation in this area.
- The parties shall accord and secure full, effective, and non-discriminatory protection for
intellectual property rights and cooperate in this area in accordance with laws and regulations
each party and available resources. Third, promote cooperation and coordination in the
implementation of effectively implement each party's competition laws. Depending on the laws
and regulations of each country . The two will jointly promote competition and antitrust for the
market to operate effectively more effective, beneficial for both sides
8
- Fourth, the two countries will facilitate the movement of natural persons between the two sides.
This does not prohibit measures necessary to ensure orderly and safe entry
However, it also makes visa procedures simpler. Fifth is to improve lips business school of each
side with the goal of creating favorable conditions for people of both sides to conduct business
activities, in accordance with the laws and regulations of each party. Sixth, Vietnam and Japan
set up a framework for closer cooperation in various fields consensus in this Agreement. Finally,
develop effective procedures to enforce the agreement and resolve disputes if they arise.
2.2.2. On trade in goods
Commitments on tariffs
Japan is committed to eliminating tariffs on 96.45% of the total tariff lines in the Tariff Schedule
for Vietnamese goods by the end of the roadmap (2026), in which:

For agricultural products: As soon as VJEPA takes effect (2009), reduce taxes on 36%
of agricultural tariff lines; continue to gradually eliminate agricultural tariff lines according
to specific revelations (longest to 2019), except for the excluded group (group X) (which
includes 735/2350 lines of agricultural tax that Japan tightly controls through tariff quotas
and measurement tools) and the following trying to negotiate group (group C2) (which is
the group of Japanese products that are reforming the structure)

For fishing grounds: Commitment to lower taxes on 19 percent of fishery tax lines
immediately (in 2009), cutting a total of 57 percent of seafood tax (188/330 lines) over 15
years; 33 percent of fishery taxation lines (59/330 lines) apply import tariffs.

For industrial goods: Remove tariffs on 95 percent of industrial product tariff lines
immediately, and 97 percent after 10 years; approximately 57 lines of industrial product
import tariffs still apply trade restrictions (primarily in textiles, leather, and leather); 58
tariff lines that do not accept to cuts (leather clothing, footwear).
Vietnam is committed to eliminating tariffs on Japanese goods according to the following roadmap:
• From 2018, duties on 41.78 percent of tariff lines in the Tariff Schedule will be repealed.
• Remove tariffs on 90.64 percent of tariff lines in the Tariff Schedule by 2026 (the last year of
the revenue pathway).
Commitment to rules and procedures of origin
Goods are of VJEPA source if the den chemistry is of pure origin or is manufactured entirely in
the Member State's territory, or if one of the following two conditions is met:
9
1. Goods that meet the general criteria of origin:
 Regional value content (RVC): minimum 40%, or
 HS Code Conversion (CTC): conversion at level 4 digits (CTH - non-originating materials
must belong to the HS Group different from the HS Group of the finished product).
2. Goods have a specific rule of origin: some goods do not apply the general criteria of origin, but
the specific rules of origin apply to the goods are regulated in the list of specific rules of origin of
the item.
C/O form VJ is the VJEPA certificate of origin. Paper versions of all C/O VJ forms are currently
available. C/O VJ can be issued before, during, or after the items are exported. There is no
provision under the VJEPA for self-certification of origin.
2.2.3. About trade in services
In comparison to the WTO, VJEPA has made several additional commitments regarding the
definitions and levels of competitive protection in some service industries (telecommunications
services ...).
On the level of service market opening:

The level of open-door commitment that Vietnam made in the VJEPA is almost similar to
the level of Commitment of Vietnam in the WTO.

Japan is expanding Vietnam's service market far beyond its WTO commitments (especially
professional services such as legal services, tax consulting, computer services, engineering,
advertising, inspection analysis...; information services, construction, distribution,
education, environment, finance, health, tourism).
2.2.4. About opening the labor market
- VJEPA has made further commitments to open its doors and welcome business visitors,
including accepting nurses who fulfill the legal standards of the receiving nation within three
years and can be extended.
In addition, Japan has agreed to provide ODA benefits to Vietnam to educate 200-300 Vietnamese
nurses in Japan each year and to allow nurses trained in Japan to work in Japan for up to 7 years.
10
Vietnam’s implementation
Vietnam's favorable import tax for Japanese goods is currently established in Decree No.
155/2017/ND-CP dated December 27, 2017 promulgating Vietnam's special preferential import
tariff to fulfill the Vietnam-Japan Economic Partnership Agreement for the period 2018-2023.
Circular No. 10/2009/TT-BCT on the application of rules of origin in VJEPA stipulates the
regulations on rules of origin under VJEPA and the procedure of certification of origin.
2.3. Impacts of VJEPA on Vietnam’s economy
2.3.1. Impact on Trade – Import and Export
2.3.1.1. Vietnam’s import and export turnover with Japan before VJEPA
Figure: 1: Import and export situation of Vietnam - Japan from 2000-2009
(Source: General Statistics Office)
Note: This figure shows the import and export situation of Viet Nam – Japan from 2000 to 2009.
From: https://www.gso.gov.vn/ . By General Statistic Office.
- The first is about Vietnam's import and export with Japan in 2000-2009 (unit: US$1 million)
The data shows the steady growth of imports and exports from Vietnam to the Japanese market
from 2000 to 2009. However, the global financial crisis of 2008 affected the two countries' trade.
During that period, Vietnam's import and export turnover to Japan decreased compared to the
previous year, $300 million in 2009.
Bringing goods to Japan at that time was still difficult due to the economic difficulties of both
countries and due to the lack of access and market penetration. Slow delivery, insufficient quantity,
the difference between the sample and reality, as well as the difference in language are all trade
barriers between the two countries.
11
*Trade balance between Vietnam and Japan before VJEPA
- As shown by the above statistics, Vietnam's import and export turnover to Japan in 2008
increased by 136%. The trade balance is still tilted slightly towards Vietnam and Vietnam has a
trade surplus of more than $200 million. However, Vietnam's trade deficit was in 2002, 2003, and
2004 with about 67, 73.5, and $10.5 million in order. In addition, in 2009, this deficit spiked to
$1,176.3 million.
Figure 2: Chart of trade balance between Vietnam and Japan from 2000 to 2009
(Source: General Statistics Office)
Note: This figure shows the : Chart
of trade balance between Vietnam
and Japan (2000 – 2009). From:
https://www.gso.gov.vn/ . By
General Statistic Office.
*Trade ratio between Vietnam and Japan before VJEPA
- In 2000 and 2008, the proportion of goods exported to Japan increased but not significantly. The
contribution of trade between Vietnam and Japan to Vietnam's total trade also decreased with the
rate of decline of exports, although the value of Vietnam's imports and exports with Japan
increased year by year. This means that Vietnam not only develops trade relations with Japan but
also integrates with the global market.
The main items that our country imported from Japan until 2009 were still mainly goods such as
machinery, equipment, computers and computer accessories, iron and steel, and vehicles. This
group of goods accounts for more than 60% of the total value of imports. In addition, Vietnam
also tries to reduce imports of goods that can be produced in the country and increase exports of
items such as textiles, agricultural products, seafood, mechanical products and small tools, crude
oil, and raw materials—items with comparative advantages compared to Japan.
In general, this raises issues that the two sides need to resolve if they are to promote trade relations.
Obviously, penetrating and developing in the Japanese market is a tactic with the right vision, but
turning it from ideas and opportunities into reality is a challenge for Vietnam.
12
*Vietnam - Japan trade by industry groups before VJEPA
- It can be seen that exports to Japan account for a large part of Vietnam's total export turnover.
Unlike exports, although Vietnam's imports from Japan do not account for the same proportion
as exports, they still remain at 5-15% of the total import turnover from 2000-2009.
Vietnam's main imports from Japan include iron and steel, fabrics, machinery, computers, and
high-tech products. Especially because Vietnam is a developing country, that period needs a lot
of capital as well as raw materials and technology to promote domestic industry. These products
always account for a large proportion of total imports from Japan. Machines alone accounted for
more than 14 of the total value of imports from Japan.
2.3.1.2. Vietnam's import and export turnover with Japan after VJEPA
Figure 3: Import and export situation of Vietnam - Japan from 2010-2021
(Unit: billion dollars)
Years
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Import
9.016
10.400
11.602
11.614
12.700
14.130
15,098
16.980
19.040
19.530
20.30
22.650
Export
7.728
11.092
13.060
13.631
14.700
14.360
14,671
16.860
18.830
20.400
19.300
20.120
Total Turnover
16.744
21.492
24.662
25.245
27.400
28.490
29,769
33.840
37.870
39.930
39.60
42.770
(Source: Statista and World Intergrated Trade Solution)
Note: This figure shows the import and export situation of Viet Nam – Japan from 2010 to 2021. From:
https://bitly.com.vn/v0f5wr and
https://wits.worldbank.org/CountryProfile/en/Country/VNM/Year/2019/SummaryText
In 2009, in the wake of the 2008 crisis, the trade figures of the two countries decreased. However,
after the VJEPA took effect in October 2009, the trade situation as well as the economies of
Vietnam and Japan began to increase again, and both had high growth rates. Specifically, the total
import and export turnover in 2009 was $13.76 billion, and that figure has increased again since
2010 ($16.74 billion). The total import and export turnover is stable throughout the year. In 2020,
13
the total trade turnover between Vietnam and Japan reached 42.77 billion USD, 2.5 times higher
than in 2008, the period of the highest turnover in the period 2000–2009 (before signing VJEPA).
Mr. Le Hoang Tai, Deputy Director of the Department of Trade Promotion (Ministry of Industry
and Trade) said that Japan has always been the leading economic partner of Vietnam. In the
context of how Vietnam's imports with the world are affected in general, the Japanese market is
still a bright spot, maintaining encouraging growth. In terms of the structure of goods, the goods
of both countries are complementary and not competitive.
"Japan has a large import demand for agroforestry, fisheries, processed foods, and consumer
goods of all kinds, while Vietnam has a great competitive advantage in these products." "Vietnam
and Japan are both members of the bilateral FTA free trade agreement, which multilaterally
creates a lot of opportunities and favorable conditions to expand trade cooperation between the
two countries in many fields," Tai said.
In the first 3 months of 2022, the import and export turnover between the two countries reached
11.2 billion USD, up 11% compared to the same period in 2021, in which Vietnamese goods
exported to Japan reached nearly 5.4 billion USD with the main items such as transport vehicles
and spare parts, machinery and other spare parts, wood and wood products, aquatic goods,
computers and electronic products and components... Vietnam's imports from Japan reached
nearly 5.8 billion USD, up 11.7% over the same period in 2021 with the main import groups such
as computers, electronic products and components, iron and steel of all kinds, plastic materials,...
2.3.1.2. Import and export between Vietnam and Japan by industry group after VJEPA
Key exports
Figure 4: Top 10 most exported products to Japan in December 2020
Export in December 2020
Main items
Quantity
(Tons)
Value (USD)
All year 2020
Compared to
Quantity
November
(Tons)
2020 (%)
Value (USD)
Total
1.802.392.206
3
19.283.960.639
Textiles
325.080.873
3
3.531.304.243
Vehicles and
spare parts
244.151.057
-2
2.376.347.681
14
Other
machinery,
equipment, tools
and spare parts
225.970.746
17
2.048.006.443
Wood and wood
products
134.701.055
17
1.294.261.743
Seafood
129.747.673
-3
1.433.185.804
Phones and
accessories
83.784.703
-19
937.754.244
Computers,
electronic
products and
components
81.070.325
-8
971.609.197
Footwear
80.258.920
58
848.408.748
Products from
plastic
52.852.855
-10
672.939.743
Products from
plastic
40.868.479
-2
483.139.650
Note: Top 10 most exported products to Japan in December 2020 from Vietnambiz.vn By
General Statistic Office.
- In 2020, Coal of all kinds is the export commodity with the strongest growth in turnover,
specifically 443% increase compared to November.
The main export products, with a turnover of over 100 million USD, such as textiles and
garments; means of transport and spare parts; other machinery, equipment, tools and spare
parts; wood and wood products; seafood.
The top 10 items that Vietnam exports the most to Japan in 2020 have a turnover of 14.6 billion
USD, accounting for 76% of the total export value of all kinds of items. In which, the largest
export is textile and garment, with over 3.5 billion USD.
15
The goods imported by Vietnam from Japan with the strongest turnover growth rate are auto
parts and components, up 1791% over the previous month.
In addition, some major groups of imported goods with an increase in turnover include:
machinery, equipment, tools, and other spare parts by 10%; plastic products by 13%; chemical
products up 29%...
The top 10 items that Vietnam imports the most from Japan in 2020 reached 15.9 billion USD,
accounting for 78% of the total import value of items. In which, there are three groups of goods
with a turnover of over 1 billion USD.
Figure 5: Top 10 most imported products to Japan in December 2020
Imported in December 2020
Main items
Quantity
Value (USD)
(Ton)
Compared
to
November
2020 (%)
All year 2020
Quantity
(Ton)
Value (USD)
Total
1.922.019.629
3
20.341.381.417
Computers,
electronic products
and components
421.370.919
-16
5.373.672.077
Other machinery,
equipment, tools and
spare parts
396.415.833
10
4.422.179.495
Iron and steel scrap
343.994
112.226.777
1
3.396.408
971.024.945
Steels
141.527
99.645.794
-14
2.447.016
1.394.758.550
Auto parts and
accessories
93.153.014
1.791
727.884.686
Products from
plastic
85.946.008
13
803.453.504
Chemical products
62.702.976
29
546.345.547
16
Fabrics of all kinds
29.492
Plastic materials
Products from iron
and steel
59.289.326
10
57.782.732
19
49.868.133
7
644.046.594
300.836
511.280.508
487.019.667
Note: Top 10 most imported products to Japan in December 2020 from Vietnambiz.vn By
General Statistic Office.
- In first 4 months, 2021, import and export turnover between Vietnam and Japan in April 2021
is nearly 3.6 billion USD.
Figure 6: Top 10 most exported products to Japan in First 4 months,2021
Export in December 2021
Main items
Quantity
(Tons)
Value (USD)
Accumulated 4 months 2021
Compared
Quantity
to March
(Tons)
2021 (%)
Value (USD)
Total
1.725.390.419
-10
6.607.517.140
Textiles
271.726.250
-10
1.065.160.310
Other machinery,
equipment, tools
and spare parts
240.696.918
-3
855.629.993
Vehicles and spare
parts
207.057.744
-14
854.305.707
Seafood
122.329.084
-2
429.306.990
Wood and wood
products
116.426.310
-16
472.559.123
Phones and
accessories
93.032.364
-23
307.433.871
17
Computers,
electronic
products and
components
74.809.068
-13
297.184.600
Products from
plastic
58.315.174
-9
215.701.093
Products from
iron and steel
43.394.062
-8
163.137.389
Specifically, our country exports 1.7 billion USD of goods to Japan and imports 1.9 billion USD.
The trade deficit was nearly 149.2 million USD.
Accumulated in the first 4 months of this year, the trade balance between Vietnam and Japan is
more than 470.7 million USD.Export and import value were USD 6.6 billion and USD 7.1
billion, respectively.
Glass and glass products are imported products from Japan with the strongest turnover growth
rate, specifically increasing by 106% compared to March 2021.
The main groups of imported goods of our country, with a turnover of over 100 million USD, are:
computers, electronic products and components; other machinery, equipment, tools and spare
parts; steels; steel scrap...
The value of the top 10 items that Vietnam imported the most from Japan in 4 months reached
5.4 billion USD, accounting for 77% of total imports.
Figure 7: Top 10 most exported products to Japan in First 4 months,2021
Imported April 2021
Main items
Quantity
Value (USD)
(Ton)
Accumulated 4 months
2021
Compared
Quantity
to March
Value (USD)
(Ton)
2021 (%)
18
Total
1.874.584.337
-7
7.078.237.919
Computers,
electronic
products and
components
415.527.008
-11
1.660.125.938
Other machinery,
equipment, tools
and spare parts
379.890.448
-5
1.466.090.600
Steels
156.621
128.364.556
-19
665.116
497.452.820
Iron and steel
scrap
282.098
126.895.495
34
895.752
386.836.609
Auto parts and
accessories
79.078.873
-14
284.789.135
Products from
plastic
73.214.216
-5
277.552.673
Chemistry
65.490.810
0
214.555.508
62.555.283
-14
Fabrics of all
kinds
58.863.010
-4
210.808.710
Chemical products
55.186.686
-7
200.337.233
Plastic materials
27.677
112.135
2.3.1.2. Trade balance between Vietnam and Japan after VJEPA
233.221.211
:
Figure 8: Import and export situation of Vietnam – Japan from 2010 to 2021
19
(Source: General Statistics Office)
Note: This figure shows the import and export situation of Viet Nam – Japan from 2010 to 2021. From:
https://www.gso.gov.vn/ . By General Statistic Office.
- From the early years of VJEPA until 2019, the trade balance was tilted in Vietnam's favor. From
2011 to 2014, Vietnam continuously exported soybeans, receiving a large surplus in trade with
Japan. For example, in 2013 and 2014, the surplus reached about 2 trillion. From 2014 to 2019,
although the surplus decreased, exports still increased steadily over the years. Thanks to the tax
reduction from the agreement, Vietnam's agricultural products as well as seafood products
benefited greatly when exported to the Japanese market. Before VJEPA, Vietnamese products
brought to Japan were subject to high tariffs. Since the effective VJEPA, fruit and vegetable
products have been exempted from tax. Products such as eggs and dairy were also lowered to 4.4%
instead of the previous average of 8.1%. Seafood was the sector that benefited the most, as taxes
on these items fell from 5.4% to 1.31%. Shrimp, crabs, and some transplants are also completely
exempt from tax. Vietnam has taken advantage of the agreement to increase exports to Japan,
especially collectives and sectors such as textiles, seafood, machinery, and equipment. Exports to
Japan in 2019 reached a value of $20.4 billion (exports reached the highest in 10 years back from
2021), nearly 3 times higher than in 2010 (exports reached $7.7 billion). Therefore, the change in
the trade balance between Vietnam and Japan in the early stages has many changes that are largely
tilted towards Vietnam.
In the following years, especially in the last two years of 2020 and 2021, due to the impact of the
COVID-19 pandemic from the beginning of 2020 to now, it has greatly affected the circulation
of goods, supply chain disruptions, production activities, and general consumption of the whole
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society. Therefore, import and export activities between Vietnam and Japan have changed a lot.
In 2020, Vietnam had a slight deficit in trade with Japan (minus $1 billion) due to a slight decrease
in exports at $1.1 billion. Shortly thereafter, Vietnam moved through the stage of safe, flexible
adaptation, effectively monitoring the COVID-19 epidemic. Japan has also recently relaxed its
quarantine measures and opened its doors. That's an opportunity for imports and exports to rise
again in 2021 and possibly in the future, although there is still a slight deficit this year.
Figure 9: The chart of trade balance between Vietnam – Figure 10: The data table of trade balance between
Japan compared to Vietnam – China and Vietnam – Korea Vietnam – Japan compared to Vietnam – China and
Vietnam – Korea from 2010 to 2020
from 2010 to 2020
(Source: World Intergrated Trade Solution)
Note: This figure shows the trade balance between Vietnam – Japan compared to Vietnam – China and
Vietnam – Korea from 2010 to 2020.
From:https://wits.worldbank.org/CountryProfile/en/Country/VNM/Year/2019/SummaryText. By
World Intergrated Trade Solution.
As a fledgling economy and a developing country, it is not difficult to understand why
Vietnam's trade balance is often in deficit. However, Vietnam-Japan trade relations have
differences. Since the signing of VJEPA, the trade balance between Vietnam and Japan has
changed positively. From 2010 to 2014, the trade deficit shifted to the Vietnamese side, and
exports increased year by year. During this period, Vietnam earned an average of 2 billion per
year from the exchange of goods with Japan. Besides, Vietnam's trade balance with China and
South Korea is in a heavy deficit. Import and export differences (according to the above table
data) averaged about 20 billion in the last 10 years. While the trade balance between Vietnam
and Japan is relatively balanced and has not changed too much, For example, in 2019, while the
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trade balance of Vietnam and Japan reached a positive of 870 million, for China it was even a
deficit of $34 billion and for South Korea it was negative 27 billion.
2.3.1.3. Trade share between Vietnam and Japan after VJEPA
Figure 11: Ratio of VNJP trade to total trade (2010 -2020)
(Source: World Intergrated Trade Solution)
Note: This figure shows the ratio of VNJP trade to total trade from 2010 to 2020. From:
https://wits.worldbank.org/CountryProfile/en/Country/VNM/Year/2019/SummaryText.
By
World
Intergrated Trade Solution.
As seen in the table above, trade with Japan after VJEPA accounts for about 10% of total trade.
This number does not change much after VJEPA and tends to decrease gradually.
The highest share of trade was 10.9% in 2012, 3.64% more than in 2020 (7.26%). The rate of
over 10% is also reflected in 2010 and 2011; and that number has been declining steadily since
2013.
The reason for this may be due to Vietnam's trade integration as well as signing more FTAs, so
Vietnam's import and export turnover with countries outside Japan also increased simultaneously.
From 2010 to 2020, the proportion of imported goods from Japan tends to increase gradually from
9,016 to 20.3%, while the total imports of hybrids tend to decrease from 10.73 to 7.73%. The
proportion of imports of goods from Japan compared to the total imports of Vietnam always
accounts for a larger proportion than exports. In addition, although the figure of 10% is not too
much, along with the exchange rate of goods with Japan, reached about 20% of the total trade
volume due to the limited trade partners with Vietnam, this figure still proves that Japan is one of
the important markets and Vietnam's key friends.
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2.3.1.4 Vietnam - Japan growth rate and GDP growth rate of Vietnam after VJEPA
Figure 12: The chart of Vietnam – Japan trade growth and Vietnam’s GDP growth (2010 – 2020)
(Source: World Bank)
Note: this figure shows the chart of Vietnam – Japan trade growth and Vietnam’s GDP
growth from 2010 to 2020. From:
https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2020&locations=VN&sta
rt=2010&view=chart . By: World Bank
In general, after the VJEPA, the trade growth between Vietnam and Japan has had many
fluctuations. The highest growth rate in the period 2010-2020 was about 30% (2011).
However, from 2011 to 2013, this number of increases saw a sharp decline (just over 2% in
2013) and increased again in 2017, reaching approximately 14%. But then in the period to
2020, this ratio has a decrease in negative levels (in 2020 it reached -0.83%). Although the
trade situation between the two countries has had periods of great fluctuations, GDP is
always stable or changes are negligible. As can be clearly seen in the chart, Vietnam's GDP
growth is still hovering around 5%.
Therefore, we realized that the fluctuation of Vietnam-Japan trade does not affect Vietnam's
GDP much. As such, it can be said that there are many factors affecting Vietnam's GDP
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growth and the trade situation of Vietnam. And Japan is only a small factor contributing to
the change in GDP.
2.3.2. Impact on foreign investment
In the current context, the promotion of economic cooperation between Vietnam and Japan is
becoming increasingly focused and, especially after the signing of the VJEPA agreement, the
trade relationship between the two countries is becoming more cohesive. Therefore, the increase
of Japan's investment attraction in the coming time, along with measures to encourage
technology transfer, will help improve Vietnam's technology level and production capacity,
contributing to the realization of the goal of making Vietnam basically an industrial country in
the current direction.
The wave of Japanese investment in Vietnam is constantly increasing in both the number of
enterprises and capital.
Specifically, in 2018, Japan led countries investing in Vietnam with US $8.59 billion,
accounting for 24.2% of total investment capital among 112 countries and territories with
investment projects in Vietnam. By the end of 2019, more than 2,000 Japanese enterprises
invested in Vietnam and foreign direct investment (FDI) inflows from Japan continued to
increase sharply. Accumulated foreign direct investment by the end of 2019, Japan ranked
second, with total registered capital reaching 59.3 billion USD, accounting for 16.7%. This
shows that Japan has always been an important investment partner of Vietnam after 47 years of
establishing spectacular relations.
In February 2020, 63.9% of Japanese enterprises doing business in Vietnam will continue to
expand their business, the highest rate in ASEAN and the third largest in Asia and Oceania. In
2021, Japan will remain Vietnam's second largest foreign investor, with 4,792 valid projects and
a total registered capital of US $64.2 billion by November 2021, accounting for 15.8% of total
foreign direct investment (FDI) from more than 140 countries and territories that have invested
in Vietnam.
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More notably, according to the Department of Foreign Investment (Ministry of Planning and
Investment), Japan's FDI inflows into Vietnam in 11 months increased by 54% compared to the
same period in 2020, in which mainly new investment capital accounted for 73.4% of the
investment capital; expanded investment capital accounted for 20.4%; and capital contributed
and purchased shares accounted for only 6.6%.
In the near future, Vietnam will continue to improve institutions and policies to improve the
quality and efficiency of foreign investment cooperation with the goal of focusing on attracting
and cooperating with foreign investment selectively, taking quality, efficiency, technology, and
environmental protection as the main evaluation criteria; priority is given to projects with
advanced technology, new technology, high technology, clean technology, modern governance,
high added value, having a pervasive impact, and connecting the global production and supply
chain. This is also the strength of Japanese enterprises. This investment cooperation will be
complementary, complementary to each other and jointly developed.
On behalf of the Ministry of Industry and Trade of Vietnam, the Department of Trade
Promotion is always ready to support and facilitate Japanese enterprises to expand investment
and business relations with Vietnam in the coming time.
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CHAPTER 3. POLICIES TO HELP ENTERPISES UTILIZING VJEPA
3.1. Situation of utilizing VJEPA from VN firm.
- In 2022, Vietnam's trade with world markets will continue to face many difficulties when the
Covid-19 epidemic is still an obstacle to the recovery of the global economy when there are
continuous changes in the economy. New potential increases spread, challenges global
vaccination efforts, consumer and producer demand for goods may recover to pre-pandemic
levels, but spike in growth is unlikely . Many markets continue to apply strict measures to
control people and goods at border gates and seaports.
- Japan is a market with great import and consumption demand for foreign agricultural, aquatic
and food products, including: fish and products processed from fish, shrimp, meat and meat
products. , soybeans, cereal products, fresh vegetables, etc. Agricultural products - foodstuffs
imported from Vietnam are more and more widely known, both by the Japanese, the
Vietnamese community and people from other Asian countries. well received and good
consumption in the Japanese market. The extent of taking advantage of the incentives in the
VJEPA Agreement to promote the export of Vietnamese goods to Japan is increasing. This is
reflected in the proportion of export turnover of goods using Form C/O VJ in the total export
turnover of Vietnamese goods to this market. Meanwhile, the extent of taking advantage of
incentives from the AJCEP Agreement tends to decrease.
Although when joining VJEPA, Vietnam enjoys many tax incentives, it is not easy to take
advantage of this opportunity because:
- Japan is the most demanding market in the world and has high technical standards and
strict processes.
- Vietnamese enterprises, especially small and medium enterprises, need to regularly
update information and understand the tax reduction schedule of each item.
In order to benefit from the agreement, businesses need to carefully study the contents of the
Agreement and each provision for the field of interest to them.
3.2. Suggestted policies
- The rate of taking advantage of incentives from VJEPA of Vietnamese enterprises is only 4%7% due to strict origin requirements. Vietnamese goods that want to enjoy preferential tariffs
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must meet strict requirements on origin, such as: textiles, garments, footwear... This is a big
difficulty for domestic enterprises.
- Textiles and garments that want to enjoy the tax rate of 0% into Japan must meet the origin
standards of VJEPA, which means they must use raw materials from Japan or from ASEAN
countries. At the same time, it is necessary to grasp the mechanism of issuing C/O sample rules
of origin, immediately contact the functional ministries for answers to questions. In other words,
in order to succeed in integration, there is no other way that enterprises have to be proactive in
understanding mechanisms and policies, as well as find suitable partners to gain support.
- In order to take advantage of the opportunities brought by VJEPA, enterprises need to change
or expand the structure of exports to increase exports to the Japanese market. Improve the
quality and improve the product design to meet the requirements of the market, especially the
hygiene and food safety of agricultural and aquatic products according to the Law on Food
Safety and Hygiene of Japan.
- Enterprises need to have a long-term market access strategy and establish long-term business
relationships with Japanese customers.
3.3. Policy from firms
- The rate of taking advantage of incentives from VJEPA of Vietnamese enterprises is only 4%7% due to strict origin requirements. Vietnamese goods that want to enjoy preferential tariffs
must meet strict requirements on origin, such as: textiles, garments, footwear... This is a big
difficulty for domestic enterprises.
- Textiles and garments that want to enjoy the tax rate of 0% into Japan must meet the origin
standards of VJEPA, which means they must use raw materials from Japan or from ASEAN
countries. At the same time, it is necessary to grasp the mechanism of issuing C/O sample rules
of origin, immediately contact the functional ministries for answers to questions. In other words,
in order to succeed in integration, there is no other way that enterprises have to be proactive in
understanding mechanisms and policies, as well as find suitable partners to gain support.
- In order to take advantage of the opportunities brought by VJEPA, enterprises need to change
or expand the structure of exports to increase exports to the Japanese market. Improve the quality
27
and improve the product design to meet the requirements of the market, especially the hygiene
and food safety of agricultural and aquatic products according to the Law on Food Safety and
Hygiene of Japan.
- Enterprises need to have a long-term market access strategy and establish long-term business
relationships with Japanese customers.
3.4. Policy from the government
- On December 23, 2020, in Hanoi, the Ministry of Industry and Trade solemnly held the opening
ceremony of the Vietnam Free Trade Agreement Portal (FTAP), to help the business community
Vietnam makes effective use of Free Trade Agreements (FTAs), especially new generation FTAs.
- With the establishment of the portal on Vietnamese FTAs, this is the first time that Vietnam has
a tool to look up FTA commitments and related information in a smart, advanced, and meaningful
way. Greatly in helping the business community and people make the most of the opportunities
from the FTAs that Vietnam has participated in, sending an important message about the
determination of the Vietnamese Government in implementing FTAs in a timely manner. Most
effective through key features.
- Specifically, FTAP can integrate information in Vietnam's multilateral, regional and bilateral
free trade agreements into an intelligent and user-friendly lookup system. Accordingly, in terms
of trade in goods, this portal allows businesses and people to look up tax results, tax reduction
roadmap for each specific item according to Vietnam's FTAs with other countries. partners,
characteristics of market size, rules of origin to enjoy preferences and procedures to be carried
out and non-tax measures that enterprises need to pay attention to in the process of
exporting/importing such products, etc. Regarding trade in services - investment, this portal
allows businesses to look up the results of their commitment to open the service - investment
market related to each service industry/sub-sector or non-service according to each mode of
service provision as well as information on relevant committed and current legal documents, etc.
- This will create an important premise to help businesses get the necessary information quickly
and accurately, thereby making the most of the opportunities brought by these FTAs.
28
- The search tool designed for FTAP allows any individual or business interested in FTA
commitments to be able to sit in one place, access, and guide online in a detailed, clear and simple
way. as simple as possible, instead of having to search for yourself or contact many different
agencies and units to get the information you need. This will minimize time and costs, helping
businesses make the most of the opportunities brought from the FTAs that Vietnam is
participating in.
3.5. Advantages and difficulties in Vietnam- Japan trade
- Between the two countries, there are friendly political and diplomatic relations, there are no
fundamental conflicts of interest that hinder cooperation in economic development in general and
trade in particular. The differences in resources available in each country such as Vietnam is rich
in resources, minerals, has abundant labor resources cheaply, and Japan is a country with a high
scientific and technological basis and a large capital is a favorable condition for cooperation,
Complement each other rather than compete, especially in the technology industry. The fact that
the two countries are both members of multilateral organizations such as ASEAN+3, WTO ...
create a favorable environment for trade and cooperation activities in long term.
- The VJEPA agreement brings many benefits to Vietnamese enterprises such as: the japanese
tariff rate applied to imports from Vietnam is a great opportunity for exporters in Vietnam to
access the market with low cost and cheaper product prices; the establishment of a consultation
organization between Vietnamese exporters and Japanese regulatory agencies to create condition
for Vietnamese goods to get easy access to the Japanese market. In addition, the relative
geographical distance relatively close to the favorable sea transport routes that have been formed
for a long time convenient for the communication between the two countries is also an important
factor.
- Despite receiving many incentives and many advantages, Vietnam - Japan trade still has some
difficulties. Japanese consumers require very strict quality, durability, reliability, convenience of
products and willingness to pay higher prices for good quality products, while also paying
attention to after-sales services, the manufacturer's distribution methods. With the fact that
production is still at a low-tech level, Vietnam still mainly exports raw or preliminary items,
difficult to directly meet Japan's demanding consumer demand. At the same time, raw products
also have low added value and do not bring much value as processed products.
- Although Japan is a big market, full of potential, it is very difficult to continue. The distribution
system in Japan is quite complex and has many differences from other markets in the world while
Vietnamese enterprises have not fully grasped the characteristics, culture and tastes of the
29
Japanese people. This is not a small difficulty for businesses that want to do long-term business
in the Japanese market.
- The scale of trade between the two countries is too small: the trade turnover between Vietnam
and Japan in the total foreign trade turnover of Japan is negligible. This means that the bilateral
relations of the two countries are highly dependent on Japan, if there is a change in Japan's policy,
it will have a big impact on Vietnam.
- In addition, the incomplete legal system as well as cumbersome administrative procedures are
also a backlog of Vietnam, making Japanese businesses hesitant before entering the market. This
issue not only hinders Vietnam-Japan trade but also affects many other aspects of the country's
economic development.
- It is one of the specialist countries in processing and assembling,... one of the major construction
sites of the world, Vietnam is famous for its cheap labor prices, attracting many large companies
to choose as partners to cooperate in production and processing. However, along with economic
development as well as education, Vietnamese workers have improved and have better skills and
knowledge. This is accompanied by an increase in labor prices. Although this is a good signal for
the domestic labor market, the rapid increase in labor costs (54%, ranked 8th) (Japan Trade
Promotion Organization, 2015) also reduces the comparative advantage of the Vietnamese market.
- Finally, although not too serious, the difference in communication language, and the lack of
English communication environment in Vietnam also makes it difficult for many businesses to
cooperate.
3.5.1 Assess the situation of taking advantage of VJEPA
3.5.1.1. The results achieved
- The level of taking advantage of the incentives in the VJEPA agreement to boost the export of
Vietnamese goods to Japan is increasing. This is reflected in the proportion of export turnover of
goods in the total turnover from Vietnam to this market gradually increasing. In general, the
items enjoying many tax incentives under the VJEPA agreement have a higher export turnover
growth rate in the three years after the implementation of the Agreement than three years before
the implementation of the Agreement.
-
Vietnam and Japan have seriously implemented their commitments to cut tariffs under the
VJEPA agreement to facilitate their goods from entering each other's markets. The governments
and authorities of the two countries make great efforts in implementing the commitments in the
Agreement to create legal corridors and facilitate the development of bilateral economic and trade
cooperation.
30
- In the years from 2010-2011, Vietnamese enterprises have been more proactive and active in
taking advantage of the incentives from the VJEPA agreement to promote the export of goods to
Japan.
3.5.1.2. Limitations
- The level of taking advantage of the incentives from the VJEPA in exporting goods to the
Japanese market increases every year but remains low when compared to the level of taking
advantage of incentives from other FTAs.
- The practical benefits brought to businesses from tax reductions in the early implementation of
the VJEPA agreement are limited, as some tax groups are reduced.
- When the VJEPA came into effect, many enterprises were still passive in understanding this
Agreement, especially small and medium-sized enterprises. Because many businesses are passive
about the implementation of the VJEPA agreement in the first year, they are not prepared in
advance for receiving incentives from the Agreement. In order to take advantage of the incentives
in the Agreement, it is necessary to prepare the plan to use input materials for the production,
processing and manufacture of exports to the Japanese market.
- The VJEPA agreement was implemented after the AJCEP Agreement for one year, although the
tax commitment is better, but in the first phase of the tariff reduction roadmap under the VJEPA
Agreement, some items are still subject to higher tax rates due to the implementation of the
following tax reduction commitments. For items with similar import tariffs in Japan in the two
agreements, businesses often choose AJCEP because of the more familiar use.
3.5.1.3: Summary:
- Exploiting comparative advantages and complementing each other is extremely important for
the two countries to develop together. The process of taking advantage of these advantages has
created a solid foundation for Vietnam - Japan relations, including trade relations. Thing
- This is also completely consistent with the orientation of economic development and
international trade associated with globalization. Besides, Japan's adjustment of policies
with Vietnam also brought the Vietnam - Japan relationship to a new height. In the national
context economic situation, especially in East Asia, the situation is increasingly complicated,
Japan realizes that it needs to be proactive and make efforts to improve its position and
influence in Asia through economic cooperation activities, especially towards Southeast Asia.
In 2017, 58% of Japan's exports and 60% of its imports were in the Asia-Thailand region Binh
Duong (General Department of Customs of Japan). Therefore, Japan's economic security
depends heavily on the stability of this region.
31
- In that context, Vietnam is a country rich in natural resources and minerals
Precious assets along with abundant and cheap labor are located in strategic geographical,
economic and military areas, the gateway for trade from Southeast Asia to the West of Thai
Binh. Duong… This explains why Japan considers Vietnam as its strategic partner. In contrast,
Vietnam has always identified Japan as one of its trading partners plays a prominent role in
Vietnam's foreign policy in general and foreign trade policy in particular. The Vietnam-Japan
relationship is the key to sustainability
sustainability of the process of industrialization, modernization and economic
development
in Vietnam.
- However, trade cooperation between Vietnam and Japan is still not commensurate with the
needs and potentials of each country. The signing and enforcement of VJEPA shows that this
relationship will continue to grow in the following years. With the increase of total import and
export turnover between the two countries, this agreement has contributed to the increase
Vietnam's economic growth and development while attracting attention from Japan. Despite the
difference in development level between the two countries, the exchange of goods between the
two sides is still likely to go further in the future. However, in order to do that, much work
remains to be done. Vietnam must take positive measures to make major changes policies,
import and export mechanisms, credit, taxes, customs and other issues to ensure a favorable
environment for the exchange of goods and services.
- Vietnam also needs to change the export structure in the direction of reducing the proportion
of products raw products, increase processed products, industrial products to increase efficiency
and sustainable economic development in the direction of the market. Vietnam should also
provide information information and trade promotion to tighten ties with Japan, thus, the trade
relationship between the two countries in general and the VJEPA in particular will bring about
more substantial benefits.
CONCLUSION
- Japan is an important partner of Vietnam in many fields, especially in international trade. The
VJEPA opens up new opportunities for improving efficiency and the benefits that Vietnam can
receive from trade. The reduction and removal of tariffs on imports into the Japanese market
increases the chances for Vietnamese goods in this market, and Vietnam's reduction of tariff
barriers on imports from Japan will partly reduce the adverse trade diversion impacts that occur
when fulfilling market opening commitments. School for other partners in the area.
32
- Overall, VJEPA has marked a shift in Vietnam-Japan relations in many aspects, mainly trade
relations between the two countries. In the trend of stability, cooperation and development of the
Asia-Pacific region, the economic figures of the two countries have changed positively.
- However, the Vietnam-Japan trade relationship still has many problems and difficulties due to
the difference in economic development level between the two countries as well as strict
requirements from the Japanese market. therefore, Vietnam needs to try harder to meet the
demand from this market as well as make good use of the advantages that VJEPA brings.
- Finally, the content of VJEPA deals with 15 different issues, the research paper focuses only on
terms related to trade and there are still many shortcomings. Therefore, in order to clearly see the
impact of VJEPA on the Vietnamese economy, it is expected that there will be more investment
research in the future focusing on the remaining areas of VJEPA as well as the recently signed
Vietnam Free Trade Agreements.
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