Japan announces US$10 billion package to strengthen energy supply in Asia

Takaichi unveiled the package on Wednesday at an online meeting of the Asia Zero Emission Community plus, or AZEC plus, which was convened amid ongoing tensions in the Middle East and closure of the Strait of Hormuz.

The meeting drew the participation of leaders from 10 AZEC member countries, namely Japan, Australia, Brunei, Campuchia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Viet Nam, as well as invited leaders from South Korea, Bangladesh, India, Sri Lanka, Timor-Leste, the Asian Development Bank, and the International Energy Agency.

Addressing the meeting, Vietnamese Prime Minister Le Minh Hung emphasized that the current energy crisis does not simply stem from short-term fluctuations. Rather, it reflects structural imbalances and the intensifying strategic competition among countries, particularly in terms of access to energy resources.

Givent the backdrop, fundamental solutions include not only diversifying energy supplies, but also strengthening strategic trust, stepping up cooperation and dialogue, and settling disputes through peaceful means on the basis of international law, stated the Vietnamese Prime Minister.

Viet Nam has identified renewable energy development and green transition as a strategic priority, he affirmed, adding that with the committed support of the international community, Viet Nam is striving to achieve net-zero emissions by 2050 and actively partaking in relevant regional and global initiatives.

Le suggested that in the short term, countries should strengthen cooperation and policy coordination to diversify energy supplies, facilitate trade, and maintain stable and undisrupted supply chains, particularly for energy and food.

In the medium to long term, it is necessary to boost strategic self-reliance and resilience of economies through the development of synchronized energy infrastructure, improvement of strategic reserves, and promotion of technology transfer, said Le.

The Vietnamese Prime Minister also underscored the need to expedite the effective and substantive implementation of cooperation projects under AZEC's framework based on the capacity and practical circumstances of each country.

Prime Minister Le affirmed that Viet Nam highly values the assistance of other countries, including Japan, in ensuring energy, food, and supply chain security over the past years.

He pledged that Viet Nam is committed to engaging in proactive, meaningful, and close collaboration with Japan and other partners in effectively implementing AZEC's initiatives. Such endeavors will help us together foster a greener, more sustainable, and more prosperous future for present and future generations.