The Prime Minister stated three directions for cooperation to resolve energy issues

Prime Minister Le Minh Hung on April 15 attended the expanded Asian Net Zero Emissions Community (AZEC) online summit, chaired by Japanese Prime Minister Takaichi Sanae. The conference aims to respond to energy supply chain disruptions and ensure energy security of Asian countries due to the impact of supply disruptions.

The Prime Minister said that the current energy crisis stems from short-term fluctuations, reflecting structural imbalances, along with increased strategic competition between countries. Vietnam believes that the solution is not only to diversify supply sources, but also to strengthen strategic trust, promote cooperation, dialogue, and resolve disputes by peaceful means, on the basis of international law.

Affirming that Vietnam is working towards the goal of net zero emissions by 2050, identifying renewable energy development and green transition as strategic priorities, the Prime Minister proposed three important cooperation directions to solve energy issues and maintain the supply chain.

In the short term, countries need it strengthen policy coordination to diversify energy supplies, facilitate trade and maintain stability and smooth supply chains, especially in energy and food.

In the medium and long term, it should enhance strategic autonomy and the economy’s resilience through developing synchronous energy infrastructure, strengthening strategic reserves, and promoting technology transfer.

Countries also need to accelerate effective and practical implementation cooperation project within the framework of AZECin accordance with the capacity and practical conditions of each country.

The online conference was attended by leaders of 15 countries, including 10 AZEC member countries, including Japan, Australia, Brunei, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, along with 5 guest countries Korea, Bangladesh, India, Sri Lanka, East Timor and representatives of the Asian Development Bank (ADB), International Energy Organization (IEA).

At the conference, Prime Minister Sanae announced Japan’s decision to dedicate a financial package of 10 billion USD to support the diversification of energy supplies for Asia, focusing on emergency response measures such as procuring supplies and maintaining supply chains, as well as enhancing long-term economic and energy resilience. She proposed upgrading the AZEC initiative to AZEC 2.0 to ensure energy security and increase Asia’s resilience.

Prime Minister Le Minh Hung expressed his support for the initiative to upgrade to AZEC 2.0, affirming that Vietnam is committed to continuing to proactively coordinate with Japan and partners in effectively implementing AZEC initiatives to jointly create a greener, more sustainable and prosperous future.

Prime Minister Sanae said he would assign relevant Japanese agencies to discuss with other countries to soon concretize the above initiatives.