Japan and Vietnam Seek Deep Strategic Partnership with Focus on Energy and Critical Minerals

AP

Japanese Prime Minister Sanae Takaichi has met with Vietnamese Prime Minister Le Minh Hung.

Japanese Prime Minister Sanae Takaichi pledged on Saturday to strengthen bilateral ties with Vietnam, with a particular focus on energy cooperation and critical minerals, during a meeting with Vietnamese Prime Minister Le Minh Hung.

The pledge came as new Japanese investment in Vietnam fell about 75% year-on-year to $233 million in the first quarter, even as bilateral trade rose 12.3% to $13.7 billion over the same period, according to Vietnamese government and customs data.

The two leaders discussed ways to deepen the Comprehensive Strategic Partnership established in 2023, focusing on energy, critical minerals, ⁠artificial intelligence, semiconductors and space.

"The two sides identified economic security as a new priority area for bilateral cooperation," Takaichi told reporters after the meeting.

"With regard to critical minerals... both sides agreed to strengthen close coordination to ensure stable supplies and reinforce supply chains," she added.

Vietnam and Japan have signed six agreements covering infrastructure, climate action, agriculture, technology, digitalisation and space cooperation, in a joint move to strengthen bilateral ties.

Japan remains one of Vietnam’s largest foreign investors, with numerous Japanese multinational companies operating major manufacturing facilities across the country.

Amid rising global energy prices driven by conflict in the Middle East and disruptions to supply chains, Vietnam has been seeking support from Japan and other partners to secure oil supplies. Under Japan’s $10 billion Power Asia Initiative, aimed at enhancing energy self-reliance across Asia, Tokyo will assist in arranging crude oil supplies for Vietnam’s Nghi Son Refinery and Petrochemical Complex, according to Vietnamese officials.

Sanae Takaichi is also scheduled to meet To Lam, General Secretary of the Communist Party of Vietnam, and deliver a keynote address at Vietnam National University, marking a decade since former Prime Minister Shinzo Abe introduced Japan’s “Free and Open Indo-Pacific” strategy.

Her address is expected to highlight the importance of autonomy and resilience for countries in the region.

Vietnam has expressed support for Japan’s regional initiatives, including the Free and Open Indo-Pacific vision, aligning them with the ASEAN Outlook on the Indo-Pacific and emphasising adherence to international law, as well as their contribution to peace, stability, cooperation and development both regionally and globally.

Source: Reuters



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