Prime Minister Keizo Obuchi met with Phan Van Khai, prime minister of the Socialist Republic of Viet Nam, at the prime minister's official residence. Prime Minister Obuchi announced that Japan would make Viet Nam the first recipient of special yen loans being provided beginning in fiscal 1999 (April 1999 to March 2000) to assist Asia's economic recovery. Declaring Japan's wish to build a partnership with Viet Nam featuring cooperation in all areas, Prime Minister Obuchi conveyed Japan's support for Viet Nam's "doi moi" (renovation) reform program. The two leaders also agreed that each nation would grant the other most-favored-nation status to promote trade and investment. Viet Nam is the second country that is not a member of the World Trade Organization, after China, to which Japan is granting most-favored-nation status.