Jerusalem and Hanoi mark 30 years of diplomatic relations.
Negotiations on the free trade agreement will begin in the last quarter of 2023.
An FTA will mean discounted products and goods from Japan, which will benefit the Israeli consumer, said Israeli Prime Minister Yair Lapid.
The ratification came after South Korea signed the FTA with Israel in May 2021 and after the countries finalized the deal in 2019 following three-year negotiations.
Israel and the United Arab Emirates signed a free trade agreement on Tuesday, Israel's first with an Arab state.
Israel and the United Arab Emirates finalized details for a massive free trade agreement worth hundreds of millions of dollars that builds on the Mideast allies' 2020 peace accords.
Agreement expected to thrust Israel into one of the UAE's top 10 trading partners.
While working to finalize a free trade agreement and forge closer economic ties with Russia, Israel says it has a lot to share, including agricultural technologies.
Paraguay, which experienced massive flooding in the month of December, is the latest Israeli destination for providing expert humanitarian assistance to countries in need.
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