Japan to Support Vietnam’s Crude Oil Procurement

Hanoi, May 2 (Jiji Press)–Japanese Prime Minister Sanae Takaichi and her Vietnamese counterpart, Le Minh Hung, agreed Saturday to position economic security cooperation as a pillar of their countries’ bilateral relations, including Japan’s public-private support for Vietnam’s crude oil procurement. Japan will provide support for the Nghi Son oil refinery in northern-central Vietnam as the first project under the “POWERR Asia” initiative, which will provide a total of around 10 billion dollars in financial aid. During their 50-minute meeting in the Vietnamese capital, the two leaders also agreed to work together to strengthen supply chains for critical minerals, including rare earths. At a joint press conference after the meeting, Takaichi said that she and Hung confirmed “cooperation to jointly make Japan, Vietnam and the Indo-Pacific region stronger and wealthier.” Hung expressed his expectation for economic security cooperation with Japan. The leaders adopted a list of priority items for economic security cooperation in four areas–science and technology, semiconductor research and development, artificial intelligence and agricultural and food security. They also exchanged a document listing specific items for cooperation on digitalization, disaster prevention and water management. Japan and Vietnam have been stepping up their security cooperation, including holding a “two-plus-two” meeting of vice-ministerial officials from their foreign and defense ministries late last year. During Saturday’s summit, Takaichi and Hung agreed to consider a specific project under Japan’s official security cooperation scheme, which provides free defense equipment. They also discussed China’s growing military pressure, North Korea’s nuclear and missile development and the conflict between the U.S.-Israel side and Iran. Vietnam’s current leadership was inaugurated in April. Takaichi also met with To Lam, head of the Communist Party of Vietnam and president of the Southeast Asian country. They agreed to arrange a visit by Lam to Japan later this year. END [Copyright The Jiji Press, Ltd.]