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Vietnam, Japan move closer to economic deal: official

Thanh Nien News, Viet Nam

Vietnam, Japan move closer to economic deal: official

12 June 2007

A bilateral economic partnership agreement (EPA) between Vietnam and Japan is likely by year-end since recent negotiations between the two nations ended positively, Vietnam’s commercial counselor in Tokyo said.

Nguyen Trung Dung said Vietnamese and Japanese negotiators had reached settlement on investments, imports, exports, labor, and other issues in the third round of EPA negotiations in Tokyo last week.

Dung said the EPA would provide for tax incentives for some Vietnamese goods like handicrafts, seafood, textiles, and woodwork, which could boost exports to Japan.

With regard to food hygiene, the two countries had agreed to honor some certificates and test results issued by the other side, thus simplifying technical procedures for Vietnamese exports.

He urged Vietnamese enterprises to improve packaging and quality to prepare for a possible export following the signing of the EPA.

Experts forecast the agreement to push two-way trade to over US$18 billion annually by 2010.

Last year it was nearly $10 billion.

The Japan-Vietnam EPA negotiations were initiated during Vietnamese PM Nguyen Tan Dung’s visit to Japan last October.

The first round was held in January this year in Japan and the second round two months later in Vietnam.

Source: Tuoi Tre - Translated by Tuong Nhi