The two sides will complete all the procedures necessary for the signing of the EPA later this year, Mr Hoang added.

The EPA is a comprehensive agreement built in accordance with the World Trade Organization’s (WTO) standards and rules to facilitate the trading of commodities, capital, technologies and skillful labour between the two countries.

The agreement will focus on intensifying bilateral cooperation in agriculture, industry, trade and investment, human resource development, tourism, environment and transport.

The two sides will initially prioritize projects to address the training of Vietnamese nurses, implement a job verification system for Vietnam, and establish a mechanism for facilitating business dialogue in the textile and garment industry.

Japan will also assist Vietnam to develop support industries, improving food hygiene and safety management, and perfecting the country’s quality standards system.

The Japanese Ambassador to Vietnam, Mitsuo Sakaba, highlighted the strong development of the Vietnamese economy over recent years, affirming the fact that Vietnam is one of his country’s important trade partners.

Japan is now Vietnam’s third largest trade partner. The two countries strive to record US$15 billion in two-way trade this year, two years ahead of the target agreed upon by the two countries’ leaders.