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.

[Copyright The Jiji Press, Ltd.]