PM Nguyen Tan Dung today ratified the Vietnam - Japan Economic Partnership Agreement (VJEPA), Inter-governmental Implementation Agreement and relating appendices, signed in Tokyo on December 25, 20008.
VJEPA is a comprehensive bilateral trade agreement, covering the areas like goods services, investment, business environment improvement, labor movement, and technical standard cooperation.
Under the Agreement, some 92% of the two sides’ goods will be freed from tax within ten years. Some commodities such as Vietnam’s agricultural produce, garments and marine products as well as Japan’s industrial commodities, including electronics and car equipments, will enjoy tax reduction or exemption.
At first, Vietnam and Japan will give priority to conducting some projects to help Vietnam train nurses in Japan, develop auxiliary industries, establish a bilateral dialogue mechanism in garment and textile sector, improve food hygiene and safety, and perfect quality standard system.
The VJEPA is expected to push the bilateral relationship to a higher plane and boost economic, trade and investment exchanges between Vietnam and Japan, thus fruitfully promoting and exploiting the two countries’ potentialities.