Ishiba pledges deeper economic ties with Vietnam as Trump tariffs bite
Japan has stepped up its charm offensive in Southeast Asia by pledging deeper economic cooperation with Vietnam, as both countries face unprecedented economic turmoil as a result of U.S. tariffs and are seeking ways to mitigate potential damage.
In a two-day visit to Hanoi, Prime Minister Shigeru Ishiba met with Communist Party officials and state leaders to discuss U.S. tariffs. They talked about the effects of these measures on the global economy and the effects of China's retaliatory tariffs, according to the Foreign Ministry in Tokyo.
Ishiba touched on Japan's offer to strengthen cooperation with Vietnam in the areas of security, economy and people-to-people exchanges.
On the economic front, Japan will help Vietnam train half of the 500 Ph.D. candidates the Southeast Asian country aims to have in semiconductor-related fields, the prime minister announced at a news conference in Hanoi on Monday with his Vietnamese counterpart, Pham Minh Chinh.
A total of 600,000 Vietnamese currently live, study and work in Japan.
Both countries pledged to advance $20 billion in decarbonization efforts and clean energy cooperation projects, as well as promote future collaboration in city infrastructure, disaster prevention and agriculture.
Defense and security were also among topics of discussion. Japan and Vietnam agreed to establish a communications framework at the vice ministerial level between their foreign and defense ministries, Ishiba and Chinh said. They also agreed to deepen security cooperation in defense equipment and technology.
No consensus was achieved on Japan's Official Security Assistance initiative — a program that provides equipment and supplies to strengthen security and deterrence capabilities of partner nations. A 'constructive exchange of views' took place on Japan's proposal, Ishiba said at the news conference.
Vietnam's Chinh expressed appreciation for Ishiba's commitment to develop ties, and vowed to make continued efforts to facilitate foreign investment, including that from Japan.
The streets of Hanoi on Thursday. For Vietnam, the United States is the No. 1 destination for its exports. |
AFP-JIJI
Ishiba's visit comes less than two weeks after Chinese President Xi Jinping's state visit to Vietnam from April 14 to 15, during which the Chinese leader presented fresh offers to import more agricultural products from Vietnam and boost investment in the country's infrastructure.
Xi told Communist Party General Secretary To Lam that the countries should jointly oppose unilateral and bullying acts, uphold the global free trade system, and keep industrial and supply chains stable.
U.S. President Donald Trump's administration has rolled out a series of tariffs on almost all imports from nearly every country since early March. Vehicles, steel and aluminum imports are now dutied 25%, and all other goods — with a few notable exceptions — incur a 10% tariff.
Higher rates could come into effect if deals with individual countries are not struck by July, with Japan set to be hit with 24% 'reciprocal" tariffs that were briefly put in place on April 9. Vietnam would be subject to 46% tariffs.
Vietnam was quick in reacting to Trump's flip-flop on tariffs. Lam personally called Trump only two days after the U.S. president's 'Liberation Day' tariff announcement on April 2 — three days before Ishiba managed to get Trump on the line .
It was also one of the first countries in the world to send an envoy to Washington to kick off trade negotiations.
Deputy Prime Minister Ho Duc Phoc, who traveled to Washington on behalf of Lam, met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick on April 10 — only one day after Trump abruptly announced a 90-day pause of the higher tariffs imposed on individual countries.
The United States accounted for 27.4% of Vietnam's total exports in 2023, making it the No. 1 destination for goods produced in the Southeast Asian country.
Ishiba is set to depart Hanoi for the Philippines on Tuesday. He will meet with President Ferdinand Marcos Jr. in Manila before returning to Tokyo on Wednesday.
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