Hanoi: Japanese Prime Minister Sanae Takaichi and Vietnamese Prime Minister Le Minh Hung have reached a pivotal agreement to prioritize economic security cooperation, placing significant emphasis on Japan's support for Vietnam's crude oil procurement. This collaboration marks a cornerstone in strengthening bilateral relations between the two nations.
According to Philippines News Agency, Japan is set to extend its support to the Nghi Son oil refinery, located in northern-central Vietnam, as the inaugural project under the "POWERR Asia" initiative. This initiative aims to provide approximately 10 billion dollars in financial aid, underscoring Japan's commitment to bolstering Vietnam's energy sector.
During a 50-minute meeting in Hanoi, Takaichi and Hung also pledged to fortify supply chains for critical minerals, including rare earths. A joint press conference saw Prime Minister Takaichi affirm their collective resolve to enhance the economic and strategic strength of Japan, Vietnam, and the broader Indo-Pacific region. Prime Minister Hung echoed this sentiment, expressing optimism for the future of economic security cooperation with Japan.
The leaders unveiled a comprehensive list of priority items for economic security cooperation across four key areas: science and technology, semiconductor research and development, artificial intelligence, and agricultural and food security. They further exchanged documents detailing cooperative efforts in digitalization, disaster prevention, and water management.
In a bid to enhance security cooperation, Japan and Vietnam have been intensifying their collaborative efforts, including a "two-plus-two" meeting involving vice-ministerial officials from their foreign and defense ministries. During the summit, Takaichi and Hung agreed to explore a specific project under Japan's official security cooperation scheme, which includes the provision of free defense equipment.
The discussions also encompassed pressing geopolitical issues, such as China's military activities, North Korea's nuclear ambitions, and the ongoing tensions involving the U.S., Israel, and Iran. Additionally, Prime Minister Takaichi met with To Lam, head of the Communist Party of Vietnam, to facilitate further diplomatic engagements, including a prospective visit by Lam to Japan later this year.
