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Japan, Vietnam Set USD60B Trade Target by 2030
(MENAFN) Japan and Vietnam have agreed to significantly expand their economic ties, setting a target to raise bilateral trade to $60 billion by 2030, according to reports.
The agreement comes as Japan seeks to reinforce and diversify its supply chains for critical resources amid ongoing geopolitical tensions involving China and disruptions linked to instability in the Middle East.
Both sides also reportedly agreed to increase Japanese investment in Vietnam to around $5 billion annually in the near term. The plan includes encouraging Japanese firms to invest in high-technology sectors with associated technology transfer, while also supporting Vietnamese investment activity in Japan.
The understanding was reached during a summit in Hanoi between Japanese Prime Minister Sanae Takaichi and Vietnamese Prime Minister Le Minh Hung. The meeting also resulted in the signing of six bilateral cooperation agreements, followed by a joint press appearance.
On strategic economic cooperation, the two leaders discussed strengthening resilient supply chains, particularly in critical minerals. They also agreed to explore support mechanisms for oil procurement related to one of Vietnam’s major refining facilities.
That facility, the Nghi Son Refinery and Petrochemical Complex located north of Hanoi, is a joint venture involving Vietnamese, Japanese, and Kuwaiti stakeholders.
Japan’s planned support for the project is linked to a broader initiative announced earlier to provide financial assistance to several Asian partners in response to energy supply pressures and global shipping disruptions tied to tensions affecting key maritime routes.
The two countries also signaled potential cooperation in nuclear energy development in the longer term, with discussions extending toward 2040.
In addition, Tokyo is considering expanding its security cooperation framework to include Vietnam, potentially under its Official Security Assistance program introduced in 2023, which supports partner countries with defense-related equipment.
Following the summit, Prime Minister Takaichi was also scheduled to meet Vietnamese President To Lam.
The agreement comes as Japan seeks to reinforce and diversify its supply chains for critical resources amid ongoing geopolitical tensions involving China and disruptions linked to instability in the Middle East.
Both sides also reportedly agreed to increase Japanese investment in Vietnam to around $5 billion annually in the near term. The plan includes encouraging Japanese firms to invest in high-technology sectors with associated technology transfer, while also supporting Vietnamese investment activity in Japan.
The understanding was reached during a summit in Hanoi between Japanese Prime Minister Sanae Takaichi and Vietnamese Prime Minister Le Minh Hung. The meeting also resulted in the signing of six bilateral cooperation agreements, followed by a joint press appearance.
On strategic economic cooperation, the two leaders discussed strengthening resilient supply chains, particularly in critical minerals. They also agreed to explore support mechanisms for oil procurement related to one of Vietnam’s major refining facilities.
That facility, the Nghi Son Refinery and Petrochemical Complex located north of Hanoi, is a joint venture involving Vietnamese, Japanese, and Kuwaiti stakeholders.
Japan’s planned support for the project is linked to a broader initiative announced earlier to provide financial assistance to several Asian partners in response to energy supply pressures and global shipping disruptions tied to tensions affecting key maritime routes.
The two countries also signaled potential cooperation in nuclear energy development in the longer term, with discussions extending toward 2040.
In addition, Tokyo is considering expanding its security cooperation framework to include Vietnam, potentially under its Official Security Assistance program introduced in 2023, which supports partner countries with defense-related equipment.
Following the summit, Prime Minister Takaichi was also scheduled to meet Vietnamese President To Lam.
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