Vietnam plans to launch negotiations for a free trade agreement with South Korea and Japan next year.

During an interview with the Vietnam News Agency, a high-ranking official at the Vietnamese Trade Ministry said Tuesday Vietnam will also prepare for negotiations with Australia and New Zealand in the near future.

The official said since the country joined the Association of Southeast Asian Nations (ASEAN) Free Trade Area in 1996, it has been pushing for tariff reduction among member nations.

The official also said when the ASEAN Free Trade Area is expanded to include South Korea and Japan, it would create the biggest free trade zone in the world, with an annual two-way trade volume of one hundred billion dollars.