The Fifth Meeting of the Japan-Vietnam Joint Committee on Cooperation in Industry, Trade and Energy
On August 23, the Ministry of Economy, Trade and Industry (METI) held the fifth meeting of the Japan-Vietnam Joint Committee on Cooperation in Industry, Trade and Energy, with METI Minister Nishimura and H.E. Mr. Nguyen Hong Dien, Vietnam's Minister of Industry and Trade, serving as co-chairs. In the meeting, the two ministers confirmed that they will further develop the economic relations between the two countries, and agreed to issue a joint ministerial statement and a fact sheet.
At the fifth meeting of the Joint Committee, the Ministers expressed satisfaction with significant achievements since the fourth JC meeting, including intra-regional cooperation such as with ASEAN, the RCEP, and the CPTPP, and on-going bilateral cooperation in the areas of energy/decarbonization, supporting industries, industrial human resource development and others, despite the impact of theCOVID-19 pandemic. They reaffirmed the important roles of the JC mechanism in removing business obstacles and ensuring the stability and continuity of further trade and investment.
Furthermore, the Ministers discussed how both countries could work together towards creating innovative and sustainable economic and social foundations, securing post-pandemic economic recovery, and building a free and fair economic order. Both countries will also continue to advance cooperation on supply chain resilience, digital economy, energy, and low carbon emissions. In this regard, the Ministers affirmed that bilateral cooperation in industry, trade, and energy should also contribute to the goals of implementing and revising the ASEAN-Japan Economic Resilience Action Plan. Based on the above-mentioned understanding, the Ministers confirmed the following directions of bilateral cooperation in each field.
The Ministers recognized the importance for Japan and Viet Nam to lead global economic growth through a co-creation partnership through mutually beneficial cooperation in various industrial sectors.
They also reaffirmed their commitment to promote economic integration in the AsiaPacific region and their mutual support and close coordination in the multilateral framework for economic and trade cooperation, of which both countries are members. In particular, the Ministers recognized the importance of maintaining the high standards of the CPTPP and affirmed that the agreement was open to economies that were able to fully meet the high standards of the agreement. The Ministers also welcomed the entry into force of the RCEP Agreement on January 1, 2022, and confirmed their determination to work together to ensure the full and effective implementation of the Agreement, contributing to the strengthening of regional supply chains and post COVID-19 pandemic economic recovery.
Minister Nishimura briefed Minister Dien about the "Asia Zero Emissions Community Concept" and conveyed the fact that Japan would strengthen financial and technical support for Viet Nam's energy transition efforts, especially introduction of zero emission fuels such as ammonia, hydrogen, and biomass.
To concretize the roadmap towards the carbon neutrality of Viet Nam and confirm Japan’s support projects under the Asia Energy Transition Initiative（AETI） for Viet Nam’s energy transition, the Ministers agreed to task technical levels of both Ministries to negotiate towards signing in 2022 the Memorandum of Understanding between the Ministry of Industry and Trade of Viet Nam and the Ministry of Economy, Trade and Industry of Japan on energy transition cooperation.
