Việt Nam, Japan agree to target $5b annual investment, $60b trade by 2030

Prime Minister Lê Minh Hưng and Japanese Prime Minister Takaichi Sanae meet the press on May 2. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Ministers Lê Minh Hưng and Takaichi Sanae of Japan signed six bilateral co-operation documents and held a joint press conference on Saturday morning following summit talks at the Government headquarters.

PM Hưng said Sanae’s first official visit to Việt Nam marked an important milestone, creating new momentum and opportunities for the two countries. He noted that Japan is Việt Nam’s top provider of official development assistance (ODA) and its largest partner in labour co-operation, third in investment and fourth in trade.

In 2025, ODA co-operation rose by more than $600 million, two-way trade exceeded $50 billion for the first time, and investment grew by nearly $4 billion across nearly 300 new projects. Dozens of joint initiatives in science and technology, semiconductors, digital transformation, green transition, renewable energy and space are under way.

The two sides agreed to target Japanese investment in Việt Nam of $5 billion per year at an early date and bilateral trade of $60 billion by 2030. They also agreed to encourage Japanese enterprises to invest in high-technology projects with technology transfer, to support Vietnamese businesses investing in Japan, and to promote market access for agricultural products.

Vietnamese Prime Minister Lê Minh Hưng and Japanese Prime Minister Takaichi Sanae witness the exchange of an amended agreement between the Việt Nam National Space Center under the Việt Nam Academy of Science and Technology and the Japan Aerospace Exploration Agency on satellite data sharing on May 2. — VNA/VNS Photo Dương Giang

Hưng said both sides had agreed on key directions to advance the Comprehensive Strategic Partnership into a new phase. These include deepening political trust through substantive co-operation in defence, security and diplomacy; maintaining ministerial-level mechanisms covering trade, industry, energy, science and technology; and implementing a Deputy Minister-level 2+2 dialogue on foreign affairs and defence.

The two sides will strengthen security co-operation in maritime law enforcement, cyber security, United Nations peacekeeping, war legacy remediation and combating transnational crime.

On science, technology and innovation, both sides committed to concrete co-operation in green transition, digital transformation, artificial intelligence, semiconductors and space, with priority given to high-quality human resource training and joint research. They agreed to hold a Joint Committee on Science and Technology Co-operation meeting in 2026, organise a public–private high-technology exchange event, and implement projects under the POWERR ASIA2 Initiative supporting energy self-reliance in Asia.

Hưng welcomed the announcement of co-funding for 15 Việt Nam–Japan joint semiconductor research projects under the NEXUS³ programme, and thanked Japan for supporting Việt Nam’s one million hectare high-quality, low-emission rice project in the Cửu Long (Mekong) Delta.

Both leaders agreed to reaffirm the importance of resolving disputes in the East Sea (internationally known as the South China Sea) through peaceful means under international law and the United Nations Convention on the Law of the Sea (UNCLOS) 1982. Hưng said Việt Nam supports Japan’s Free and Open Indo-Pacific (FOIP) vision in connection with the ASEAN Outlook on the Indo-Pacific (AOIP) and in adherence to international law.

Prime Minister Lê Minh Hưng and Japanese Prime Minister Takaichi Sanae witnessed the exchange of a memorandum of understanding between the Ministry of Science and Technology of Việt Nam and Japan’s Ministry of Internal Affairs and Communications on cooperation in information and communications technology (ICT) and digital transformation. — VNA/VNS Photo Dương Giang

PM Sanae said strengthening co-operation with Việt Nam was of the utmost importance for realising the FOIP vision. She described Việt Nam as an important link in supply chains and commended the country’s development progress in recent years. She said the two sides had agreed to identify economic security – encompassing energy, critical minerals, artificial intelligence, semiconductors and space – as a new priority area in bilateral co-operation.

The Japanese Prime Minister also said both sides had exchanged views on regional and international issues, and stressed the importance of expanding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) while maintaining its high standards.

The six documents signed in the presence of both leaders covered: two JICA loan agreements for disaster-resilient rural development and climate-resilient infrastructure for ethnic minority communities in the northern midland and mountainous provinces; a memorandum on low-carbon growth under the Joint Crediting Mechanism (JCM); a memorandum on irrigation technology exchange between the two countries’ agriculture ministries; a memorandum on information and communications technology (ICT) and digital transformation co-operation between the two science and technology ministries; and an amendment to the satellite data exchange agreement between the Việt Nam Space Centre and the Japan Aerospace Exploration Agency. — VNS