The Japan Bank for International Cooperation (JBIC) has reiterated its dedication to fostering Vietnam’s economic growth, focusing on crucial infrastructure, energy, and technology projects. During a meeting on Thursday with Vietnamese Prime Minister Lê Minh Hưng, JBIC Governor Maeda Tadashi committed to furthering 15 projects under the Asia Zero Emission Community (AZEC) initiative. These projects represent a significant investment of around $20 billion. Additionally, Maeda pledged ongoing support for the Partnership for Energy Resilience and Resource Asia (POWERR Asia) initiative, which focuses on energy projects.
Prime Minister Hưng expressed appreciation for JBIC’s long-standing partnership and its financial backing for Japanese-supported projects in Vietnam. He noted the steady advancement of Vietnam-Japan relations, especially since the two nations deepened their ties to a Comprehensive Strategic Partnership nearly three years ago. The prime minister pointed out that collaboration has expanded into emerging fields such as semiconductors, artificial intelligence, digital transformation, renewable energy, green technology, and space development, beyond traditional sectors.
Hưng highlighted the significant potential for further bilateral cooperation and urged JBIC to take on a more influential role in mobilizing investments for strategic infrastructure and industrial growth. He suggested that the bank establish financing and investment guarantee mechanisms to support industrial clusters, innovation centers, and high-tech manufacturing facilities across Vietnam. The prime minister also encouraged JBIC to increase support for projects involving public-private partnerships, mergers and acquisitions, and technology transfer, while advocating for more Japanese investments in sectors like semiconductors, AI, batteries, advanced materials, critical minerals, and other high-tech industries.
In response, Maeda expressed strong support for Vietnam’s developmental goals and agreed with the proposals discussed during the meeting. He emphasized that while Japan remains Vietnam’s largest source of official development assistance, the role of private-sector investment will become increasingly crucial in sustaining economic growth. Drawing on JBIC’s expertise in public-private partnerships, Maeda stated that the bank is ready to enhance cooperation in attracting international financing and supporting long-term development initiatives.
Looking to the future, JBIC plans to continue its collaboration with Vietnam in executing the remaining AZEC projects while backing power, oil, and gas developments aimed at enhancing the country’s energy security. Maeda also revealed that the bank is fostering partnerships with third countries to build Vietnam’s semiconductor supply chains, artificial intelligence ecosystem, and data center infrastructure. Additionally, JBIC is aiding Vietnamese startups through venture capital initiatives and is exploring collaboration on the Vietnam International Financial Centre as well as broader cultural exchange programs, underscoring the deepening economic partnership between Vietnam and Japan.