Vietnam is the first partner that Japan supports in the AZEC Initiative.

Prime Minister Pham Minh Chinh received Mr. Maeda Tadashi, Chairman of the Board of Directors of JBIC Bank - Photo: VGP/Nhat Bac

At the meeting, the Prime Minister appreciated the Chairman and JBIC for always cooperating effectively, actively participating in policy dialogues with Vietnamese ministries and branches, providing many loans to promote Japanese investment in Vietnam, especially developing important infrastructure projects, large-scale projects in the energy sector, making important contributions to Vietnam's socio-economic development as well as Vietnam - Japan relations.

Appreciating the AZEC Initiative of Japanese Prime Minister Kishida Fumio, the Prime Minister asked Mr. Maeda Tadashi to support the implementation of mechanisms such as the Just Energy Transition Partnership (JETP), AZEC with Vietnam, negotiate and quickly implement clean, renewable energy projects, and climate change response projects with appropriate loan interest rates; at the same time, promote investment in Vietnam in areas that benefit both sides, and support Vietnamese enterprises to participate more deeply in the global value chain.

The Prime Minister requested JBIC, as a major lender, to continue to actively participate in restructuring the Nghi Son Refinery and Petrochemical Project, especially restructuring the project loan with lower interest rates (prepaying high-interest debts) to reduce financial costs, helping to improve the operational efficiency of the project (currently still at a loss), in the spirit of "harmonized benefits and shared risks".

During his working trip to Japan, the Prime Minister and Japanese Prime Minister Kishida Fumio agreed to establish a joint coordination group between the two governments to promote the progress and effectiveness of a number of economic projects being implemented between the two countries, including the Nghi Son oil refinery project. The Prime Minister also met with the leaders of Idemitsu Corporation, the project investor, with the view that it is necessary to conduct a comprehensive restructuring of the project (in terms of capital - interest rates, management - personnel and input factors such as crude oil, electricity use, etc.).

Sharing with the Prime Minister some views on emission reduction, the JBIC Chairman said that Vietnam is the first partner that Japan supports in the AZEC Initiative and key international partners strongly support Japan's cooperation with Vietnam; affirming that they will continue to actively support and cooperate with Vietnam in this field.

Believing that the Prime Minister has paid special attention to the Nghi Son oil refinery project and emphasized the importance of the project, the Chairman of JBIC said that the bank and he personally consider this an important task, will make more efforts, promote relevant parties, including Nippon Export and Investment Insurance Company (NEXI) in negotiating to conduct restructuring, resolve issues related to the project, and find the best solution for the Vietnamese side.

Source: https://dttg.baotainguyenmoitruong.vn/viet-nam-la-doi-tac-dau-tien-ma-nhat-ban-ho-tro-trong-sang-kien-azec-368149.html