Japan’s Takaichi to Revamp Indo-Pacific Vision in Vietnam Speech

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(Bloomberg) — Japanese Prime Minister Sanae Takaichi on Saturday will use a speech in Vietnam to lay out her vision for the Indo-Pacific, as she seeks to bolster economic and security ties across the region in a move that could counter an increasingly assertive China.

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In the speech, marking a decade since her mentor and former Prime Minister Shinzo Abe introduced the “Free and Open Indo-Pacific” initiative, Takaichi will encourage autonomy and resilience among countries in the region, according to a foreign ministry official familiar with the plans.

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She’ll call for collaboration on artificial intelligence, energy security and undersea cables, and pledge further support for maritime policing efforts with financial aid and equipment, the official said.

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The speech comes as Japan is gradually raising its profile overseas while also seeking alliances to secure resources including critical minerals through robust supply chains.

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It also comes as Takaichi has projected a more assertive image in the region, including removing most restrictions on weapons exports and taking part in military drills for the first time with the US and the Philippines. Her comments late last year about defending Taiwan particularly incensed Beijing, which interpreted some of her actions as signs of militarism.

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Her delivery of the speech in Hanoi may also be a strategic choice, as she likely will find a receptive audience in a country that sees China’s maritime claims as overly ambitious.

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Abe unveiled the FOIP strategy in 2016, which focused on the rule of law, freedom of navigation and free trade among like-minded countries across the Indian and Pacific oceans. The US has backed the vision, which has at times been seen as a tool to counter China’s ascendancy.

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Takaichi’s stop in Vietnam, where she’ll meet the country’s leader To Lam, underscores Japan’s pressing concerns over supply chains, particularly of critical minerals, as Japanese firms shift their manufacturing bases away from China to Vietnam amid political turbulence.

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“We intend to establish economic security as a new axis of cooperation” in Vietnam, Takaichi told reporters Friday as she prepared to depart for Hanoi, highlighting that the country is key to its supply chains, including for medical supplies.

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The conflict in Iran is described as an incident that tests Japan’s determination in executing the FOIP initiative, according to a draft of the speech seen by the Yomiuri newspaper. A $10 billion financial support mechanism for Southeast Asia to provide support as crude oil prices soar will be raised as an example of how Japan is making good on its promises, the report said. 

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In recent years, Vietnam has overtaken China as a destination for Japanese investment, as the deterioration of Japan-China ties seeps into business sentiment.

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Japan has been trying to shore up supply chains for critical minerals as it remains heavily dependent on China for rare earths, particularly when Beijing tightens export controls. Cooperation with Vietnam, home to world’s sixth-largest reserves, is seen as important for economic security.