Japan, Vietnam Commit to Stronger Trade, Investment Cooperation

(MENAFN) Japan and Vietnam have agreed to significantly expand their economic cooperation, aiming to raise bilateral trade to $60 billion by 2030 as Tokyo looks to reinforce supply chains for key resources amid broader geopolitical tensions involving China and instability in the Middle East.

As stated by reports, both sides also committed to increasing Japanese investment in Vietnam to around $5 billion annually in the near term, while encouraging Japanese firms to participate in high-technology projects that include technology transfer. The agreement also includes support for Vietnamese companies investing in Japan.

The deal was reached during a summit in Hanoi between Japanese Prime Minister Sanae Takaichi and Vietnamese Prime Minister Le Minh Hung. The two leaders also signed six cooperation agreements before holding a joint press briefing after their talks.

According to reports, the discussions placed particular emphasis on strengthening supply chain resilience for critical minerals and enhancing cooperation in energy security. The two countries also agreed to explore ways to secure oil supplies for one of Vietnam’s major refining facilities.

The Nghi Son Refinery and Petrochemical Complex, located more than 200 kilometers from Hanoi, is a joint venture involving Vietnamese, Japanese, and Kuwaiti partners.

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