On June 29, Prime Minister Pham Minh Chinh received Mr. Maeda Tadashi, Chairman of the Board of Directors of the Japan International Cooperation Bank (JBIC), who is on a working visit to Vietnam.
Prime Minister Pham Minh Chinh receives Mr. Maeda Tadashi, Chairman of JBIC. Photo: VGP
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The Prime Minister highly appreciated JBIC’s role in supporting loan programs and promoting Japanese investments in Vietnam, especially key infrastructure and energy projects. A notable example is JBIC’s loan of over $800 million for the Block B Gas Project, which enabled the project to restart after a period of stagnation.
Regarding the global green transition trend, the Prime Minister proposed that JBIC continue its support and promptly provide capital for 15 green transformation projects in Vietnam with a scale of over $20 billion within the framework of the AZEC initiative announced during the visit of Japanese Prime Minister Ishiba in April this year. According to the head of the government, this is a strategic opportunity for the two countries to promote sustainable growth while leveraging Japan’s strengths in technology and finance in the field of renewable energy.
Sharing Vietnam’s development orientation, the Prime Minister emphasized that Vietnam is undergoing a “revolution” in administrative and local government organization with two levels, institutional reform, reducing administrative procedures, and prioritizing the development of the private sector, aiming at an GDP growth rate of 8% in 2025 and double digits in subsequent years.
Strategic infrastructure projects such as expressways, seaports, airports, especially urban railways, high-speed railways, and nuclear power are being promoted by the Government with a determination to change the state of development. The Prime Minister proposed that JBIC and Japanese businesses accompany Vietnam in terms of capital, technology, and human resources and jointly research and participate in these projects.
Another important focus mentioned by the Prime Minister was the situation at the Nghi Son Refinery and Petrochemical LLC (NSRP), a joint venture between Vietnamese, Kuwaiti, and Japanese enterprises. While the foreign partners have made profits, the Vietnamese side is still incurring losses. The Vietnamese Government has actively directed a comprehensive restructuring of the organization, personnel, raw materials, power sources, and operating costs.
The Prime Minister expressed his hope that JBIC, as the largest financier, would continue to support the financial restructuring process, promote operational efficiency, and move towards the second phase of the project in the spirit of “harmonizing interests and sharing risks.”
In response, Mr. Maeda Tadashi highly appreciated Vietnam’s strong development and growing international prestige, especially the new orientations established at the recent Central Committee Conference and resolutions on private economic development and sustainable energy transition.
The Chairman of JBIC affirmed that, based on the foundation of the profound friendship and strong political determination between the two countries, JBIC is ready to provide capital for Japanese businesses to implement green projects in Vietnam following the AZEC model.
Mr. Maeda Tadashi also expressed his hope that Japanese enterprises would be able to deeply engage in large-scale infrastructure projects in Vietnam, especially the Transit-Oriented Development (TOD) model and high-speed railways, areas in which Japan has strengths and extensive international experience.
Regarding the NSRP project, he affirmed that JBIC is actively coordinating with related parties and committed to finding an optimal solution to ensure long-term efficiency for all parties involved.
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