Japanese Prime Minister Takaichi and Vietnamese Prime Minister Le Minh Hung agreed to support crude oil procurement for Vietnamese refineries on Saturday.
The agreement aims to secure critical supply chains for medical equipment and high-tech components, while reducing reliance on Chinese resources amid regional tensions.
During a meeting that lasted approximately one hour [1], the leaders discussed the instability of crude oil supplies caused by the current situation in the Middle East. Takaichi said Japan will support the procurement of crude oil for the Nghi Son refinery through the Nippon Export and Investment Insurance (NEXI).
This initiative is the first project under the "Power Asia" framework recently established by Takaichi. The support is critical because petroleum products from Vietnamese refineries are used to produce items such as tubing for artificial dialysis, which supports the Japanese supply chain.
Beyond energy, the two leaders agreed to strengthen cooperation in the fields of semiconductors and critical minerals. These efforts are designed to enhance economic security and create a strategic countermeasure to China's influence in the region.
Separate reports indicate that Japan has expressed financial support totaling 1.6 trillion yen [2] for various Southeast Asian nations, though the specific allocation for Vietnam's oil procurement was not detailed in those figures.
Takaichi said the coordination with Vietnam is a priority for maintaining stability in the Asia-Pacific region. The two leaders emphasized the need for a diversified resource strategy to prevent economic disruptions caused by geopolitical volatility.
“Japan will support the procurement of crude oil for the Nghi Son refinery through the Nippon Export and Investment Insurance.”
This agreement signals Japan's shift toward 'economic security' by diversifying its supply chains away from China and stabilizing energy inputs. By linking the viability of Vietnamese refineries to the production of essential medical supplies in Japan, Tokyo is treating Southeast Asian industrial stability as a direct component of its own national health and security infrastructure.
