The pledge came as new Japanese investment in Vietnam fell about 75 percent year on year to US$233 million in the first quarter, even as bilateral trade rose 12.3 percent to US$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 co-operation,” Takaichi said after the meeting.
“With regard to critical minerals… both sides agreed to strengthen close co-ordination to ensure stable supplies and reinforce supply chains,” she added.
In a joint move, Vietnam and Japan signed six agreements encompassing infrastructure, climate action, agriculture, technology, digitalisation, and space co-operation.
Japan remains one of Vietnam’s largest foreign investors, with many Japanese multinationals operating large manufacturing facilities in the country.
Vietnam has been seeking support from Japan and other countries for oil supplies as conflict in the Middle East drives prices higher and disrupts supply chains.
Under the US$10 billion Power Asia Initiative to support Asian countries’ energy self-reliance, Japan will assist in arranging crude oil supplies for Vietnam’s Nghi Son Refinery and Petrochemical Complex, Hung said.
Takaichi was also set to meet Communist Party of Vietnam secretary and President To Lam on Saturday and deliver a keynote speech at Vietnam National University. (Reuters)
