Japanese Prime Minister Sanae Takaichi visited Vietnam to strengthen the Comprehensive Strategic Partnership, emphasizing cooperation in energy, critical minerals, AI, semiconductors, and space. Discussions focused on bolstering regional supply chains and economic security, with Japan offering support for Vietnam's energy needs and collaboration on critical mineral development.
Japan ese Prime Minister Sanae Takaichi reaffirmed Japan's commitment to strengthening its relationship with Vietnam during a visit to Hanoi on Saturday, May 2nd. Discussions with Vietnam ese Prime Minister Le Minh Hung centered on deepening the Comprehensive Strategic Partnership established in 2023, with a particular emphasis on crucial areas like energy security, the sourcing of critical minerals, advancements in artificial intelligence, the semiconductor industry, and collaborative ventures in space exploration.
Both leaders acknowledged the growing importance of economic security as a key pillar for future bilateral cooperation. Vietnam, facing challenges related to rising oil prices and disruptions in global supply chains stemming from conflicts in the Middle East, is actively seeking support from Japan and other international partners to ensure a stable energy supply.
Prime Minister Takaichi underscored the necessity for enhanced regional coordination to mitigate these risks, advocating for a joint effort between Japan and the Association of Southeast Asian Nations (ASEAN) to fortify regional supply chains for essential petroleum products. As part of Japan’s $10 billion Power Asia Initiative, designed to bolster energy self-reliance across Asian nations, Japan will provide assistance in securing crude oil supplies for Vietnam’s Nghi Son Refinery and Petrochemical Complex.
This initiative is intrinsically linked to Japan’s broader ‘Free and Open Indo-Pacific’ strategy, initially launched a decade ago by former Prime Minister Shinzo Abe. Tokyo is now actively refining this strategy, placing a greater emphasis on economic security and the development of robust infrastructure. Prime Minister Hung expressed Vietnam’s strong alignment with Japan’s regional vision, including the ‘Free and Open Indo-Pacific’ framework.
Takaichi highlighted Vietnam’s increasing prominence in global manufacturing, citing the widespread popularity of Japanese cultural exports like manga, alongside consumer electronics such as Apple’s AirPods and Nintendo’s Switch, as evidence of this growing role. While Japan remains a significant investor in Vietnam, recent data reveals a 75% year-on-year decrease in new Japanese investment during the first quarter, totaling $233 million.
However, pledged investment for 2025 has seen a positive trend, increasing by 19.4% to $3.08 billion compared to the previous year. Bilateral trade between the two nations also experienced growth, rising by 12.3% year-on-year to reach $13.7 billion. Japan is actively pursuing strategies to diversify its supply chains and reduce its dependence on China for rare earth minerals. This involves strengthening partnerships with countries like Vietnam, which possesses substantial untapped reserves of rare earths and gallium.
However, Vietnam currently faces challenges in developing its processing capabilities due to technological limitations and China’s dominant position in the refining sector. During the discussions, both leaders agreed to enhance collaboration on critical minerals, aiming to secure stable supplies and reinforce the resilience of supply chains. Takaichi emphasized the potential for collective prosperity and resilience within the Indo-Pacific region, stating that ‘Japan, ASEAN and the entire Indo-Pacific region can become more resilient and prosperous together.
’ The meeting underscored a shared commitment to fostering a stable, secure, and economically vibrant region, built on strong bilateral ties and a collaborative approach to addressing shared challenges. The focus on economic security, coupled with investments in energy and critical minerals, signals a strategic shift towards a more resilient and diversified economic landscape for both nations and the broader Indo-Pacific region.
The discussions also highlighted the importance of technological cooperation and capacity building to enable Vietnam to fully leverage its natural resources and participate more effectively in global supply chains
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