Japan and Vietnam agreed Monday to accelerate public-private cooperation on critical minerals as Tokyo seeks to diversify supply chains amid growing concerns over China’s restrictions on rare earth exports.
Japanese Prime Minister Sanae Takaichi announced the agreement after talks with Vietnamese President To Lam in Tokyo, identifying economic security as a key priority in bilateral relations, Kyodo News reported.
The two countries agreed to explore concrete projects involving Vietnam’s substantial critical mineral resources to diversify supplies and reduce supply chain vulnerabilities.
The move comes as Japan seeks to curb its reliance on China for strategic minerals used in electronics, electric vehicles and advanced manufacturing.
The leaders also pledged to expedite Japanese-backed liquefied natural gas and gas-fired power projects and expand cooperation on introducing nuclear energy in Vietnam.
According to Vietnam News, the two sides agreed to deepen economic ties, aim for $80 billion in bilateral trade by 2030 and encourage Japanese investment in semiconductors, artificial intelligence and green technologies.
A joint statement also called for closer defense cooperation, including potential Japanese equipment assistance to support Vietnam’s participation in UN peacekeeping operations.
Both leaders expressed concern over developments in the South China Sea and reaffirmed their commitment to freedom of navigation.
Japan and Vietnam elevated their ties to a Comprehensive Strategic Partnership in 2023 as both countries sought to strengthen economic resilience and regional security cooperation.
