Japan, Vietnam to Sign EPA

Japan, the third biggest bilateral trade partner of Vietnam, will sign the economic partnership agreement (EPA) in Tokyo on December 25, which will open a bilateral free trade zone in the next decade, the Investment newspaper said on December 22, citing a government official.

 

“EPA will focus on free trade of goods and services, investment and economic cooperation between Hanoi and Tokyo, which will help sharpen competitiveness of Vietnam and Japan,” Vietnamese Minister of Industry and Trade Vu Huy Hoang was quoted as noting.

 

Signing EPA will help expand trade and investment ties, Hoang noted.

 

Initially, Japan will prioritize technical assistances for training nurses for Vietnam, improve quality of manpower, developments of supporting industries, dialogues on apparel companies and improvements of safety of foods, Hoang said.

 

Analysts also said EPA will help build legal frameworks of the business environment for Japanese investors to do business in Vietnam.

 

Currently, Japan is the third biggest trade partner and the second largest export market of Vietnam. Japan imports over US$12 billion of goods from Vietnam last year.

 

FDI by Japanese investors in Vietnam reached US$7 billion, ranking the sixth among countries and territories in Vietnam.

 

Bilateral trade between Japan and Vietnam is expected to hit US$15 billion this year, surpassing the target set for 2010. (Investment)