Neural machine translation, a recently proposed approach to machine translation based purely on neural networks, has shown promising results compared to the existing approaches such as phrase-based statistical machine translation. Despite its recent success, neural machine translation has its limitation in handling a larger vocabulary, as training complexity as well as decoding complexity increase proportionally to the number of target words. In this paper, we propose a method based on importance sampling that allows us to use a very large target vocabulary without increasing training complexity. We show that decoding can be efficiently done even with the model having a very large target vocabulary by selecting only a small subset of the whole target vocabulary. The models trained by the proposed approach are empirically found to match, and in some cases outperform, the baseline models with a small vocabulary as well as the LSTM-based neural machine translation models. Furthermore, when we use an ensemble of a few models with very large target vocabularies, we achieve performance comparable to the state of the art (measured by BLEU) on both the English->German and English->French translation tasks of WMT'14.