Vietnam has become a key manufacturing center for major Japanese companies like Honda, Canon, and Panasonic, with Japanese investments totaling $78 billion, as reported by the finance ministry of Vietnam. Additionally, Japanese banks have significant stakes in major Vietnamese banks.
Following the signing of four cooperation agreements, Prime Minister Chinh stated, “The two nations committed to maintaining a global free trade system based on international regulations,” which includes enhancing trade in energy transition products and collaborating on semiconductor research and development.
The specifics of the agreements haven’t been revealed, and Reuters has been unable to determine if they involve any binding commitments or financial obligations.
Vietnam’s leader, To Lam, urged Japan to boost its investments in infrastructure projects after meeting with Ishiba on Sunday, according to an official report from the Vietnamese government.
Japan has started preliminary studies for the planned construction of a high-speed railway that would connect Hanoi with Ho Chi Minh City, estimated to cost around $67 billion, marking Vietnam’s largest infrastructure initiative to date.
However, railway projects were not specifically mentioned as areas of collaboration. Vietnam has indicated it intends to fund the project primarily through its own resources.
