Vietnam, Japan ink economic partnership deal

Hanoi (VNA) - Vietnam and Japan signed an economic partnership compact in Tokyo on Dec. 25, laying the ground for a stronger bilateral economic, trade and investment cooperation.

The Vietnam-Japan Economic Partnership Agreement (VJEPA), signed by Japanese Foreign
Minister Hirofumi Nakasone and Vietnamese Industry and Trade Minister Vu Huy
Hoang, is expected to come into effect early next year after the two countries
complete domestic ratification procedures.

The pact covers a wide range of areas, including goods, services, investment,
business environment improvement, labour and technical cooperation.

The enforcement of the VJEPA will help elevate to a higher plane multifaceted
cooperation between the two governments, businesses and people of the two countries
and lay a firm foundation for building a strategic partnership as agreed upon by
Vietnamese and Japanese leaders in 2006, said a joint statement released after the
signing ceremony.

Vietnam and Japan started negotiations on the agreement in January 2007 and
came to a successful conclusion in October this year after nine rounds of talks.
The signing of the VJEPA took place at a time when the two nations are celebrating
the 35th anniversary of diplomatic ties.

The same day, Minister Hoang and Japanese Minister of Economy, Trade and Industry
Toshihiro Nikai inked a memorandum of understanding on cooperation in the supporting
industry.

In the first 10 months of this year, Vietnam-Japan trade value reached 14.4 billion
USD, which is estimated to exceed 16 billion USD by the year end, much higher than
the target of 15 billion USD set for 2010.-Enditem