Japans Takaichi to deepen energy cooperation with Vietnam

Japanese Prime Minister Sanae Takaichi met with her Vietnamese counterpart, Le Minh Hung, in Hanoi on Saturday to sign six agreements covering various sectors. The agreements include cooperation on technology, agriculture, space, infrastructure, and energy.

During the meeting, Takaichi stated that Japan aims to strengthen ties with Vietnam, focusing on energy and critical minerals. She also mentioned that both countries agreed to enhance coordination on critical mineral supplies and reinforce supply chains.

Hung reiterated the importance of resolving disputes in the South China Sea through peaceful means based on international law. The two leaders acknowledged shared concerns about China’s territorial claims in the East and South China Seas.

Japan has been a significant investor in Vietnam, with new investment falling 75% year-on-year to $233m in the first quarter. Despite this decline, bilateral trade rose 12.3% to $13.7bn over the same period.

Vietnam has sought support from Japan and other countries for oil supplies due to rising prices and disrupted supply chains. As part of the Power Asia Initiative, Japan will assist in arranging crude oil supplies for Vietnam’s Nghi Son Refinery and Petrochemical Complex.

Takaichi also planned to meet with President To Lam, who is also the general secretary of the Communist Party of Vietnam, on Saturday afternoon. Additionally, she was scheduled to deliver a keynote speech at Vietnam National University, marking a decade since former Prime Minister Shinzo Abe introduced Japan’s “Free and Open Indo-Pacific” strategy.

Source: Al Jazeera