Hanoi - Japan's Prime Minister Sanae Takaichi pledged commitment to deeper cooperation with Vietnam, focusing on energy and critical minerals. Japan and Vietnam also agreed to boost their bilateral trade to $60 billion by 2030 during PM Takaichi state visit to Vietnam.
The commitment has been reached after PM Takaichi and her Vietnamese counterpart Prime Minister Le Minh Hung on Saturday 2 May 2026, through the signing of six agreements on issues ranging from infrastructure to agriculture and space cooperations.
Citing Tokyo-based Kyodo News, the two leaders agreed to build resilient critical mineral supply chains and support petroleum procurement in Nghi Son Refinery and Petrochemical Complex - one of Southeast Asia's largest oil facilities, located over 200 km from Hanoi, and part of joint venture infrastructure involving Vietnam, Japan, and Kuwait.
This project is a continuation of Japan's Power Asia Initiatives, valued at $10 billion financial support to Southeast Asian countries in facing fuel supply shortages and supply chain disruptions amid the near-closure of the Strait of Hormuz.
“The two sides identified economic security as a new priority area for bilateral cooperation. With regard to critical minerals … both sides agreed to strengthen close coordination to ensure stable supplies and reinforce supply chains,” PM Takaichi said after meeting PM Hung.
According to Vietnam News, the two sides also agreed to elevate Japanese investment $5 billion per year in Vietnam, specifically for high technological sectors, and also support Vietnamese businesses investing in Japan.
Takaichi also vowed to ensure a "free and open Indo-Pacific to tout a regional strategy that has long rankled neighboring China. Moreover, Japan and Southeast Asian countries share common concerns about China's territorial claims in the East and South China Seas, while sought US-driven trade disruptions.
"I am renewing my determination to fulfil Japan's responsibilities and ... to play an even more proactive role than ever before in building an international order based on freedom, openness, diversity, inclusiveness, and the rule of law," Takaichi said.***
