With a full of US$ 78 billion invested by Chinese companies in Vietnam, Vietnam is a big assembly hub for big Chinese companies, including Honda, Canon, and Panasonic, according to Vietnam’s finance department. Chinese banks also own significant stakes in the major Vietnamese investors.
After the two leaders signed four assistance agreements, including ones promoting trade in energy transition products and research and development on semiconductors, Chinh said,” The two countries agreed to defend the international order of free business based on global guidelines.”
The terms of the agreements were not made public, and Reuters was unable to determine whether they constituted any legally binding or financial commitment.
After meeting with Ishiba on Sunday, Vietnam’s top leader To Lam urged Japan to increase investment in infrastructure projects, according to a report on the Vietnamese government’s portal.
Japan has been conducting preliminary studies for the upcoming construction of a high-speed railway connecting Hanoi to Ho Chi Minh City, which is Vietnam’s most ambitious infrastructure project with an estimated US$ 67 billion.
However, the leaders did not specifically mention railroads among the cooperation areas. Vietnam has stated that it intends to largely finance the project on its own.