Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu has proposed Japan’s Idemitsu Kosan Co Ltd (IKC) expand its investment activities in Vietnam, particularly in the green energy sector, including the replication of its green energy pellet production model in various localities across the country.
Receiving Representative Director and Executive Vice President of Idemitsu Kosan Atsuhiko Hirano in Hanoi on June 12, Deputy FM Vu commended the company’s efforts in promoting investment and cooperation in Vietnam over the years, especially its role as a shareholder in the Nghi Son Refinery and Petrochemical (NSRP) project.
Highlighting the Nghi Son refinery as one of the flagship economic cooperation projects between Vietnam and Japan and a key contributor to Vietnam’s energy security, Vu noted that the project has received close attention from senior leaders of both countries. He also referred to the commitment made by Japanese Prime Minister Sanae Takaichi to support crude oil supply arrangements for the refinery under the Power Asia initiative.
The deputy minister urged Idemitsu Kosan to continue working closely with other shareholders to secure stable crude oil supplies for the project, strengthen cost management, optimise operational cash flow and further develop higher value-added segments in the refinery’s value chain.
Hirano stressed the importance of strengthening energy cooperation amid growing energy security challenges caused by tensions in the Middle East, the closure of the Strait of Hormuz, limited oil reserves in Vietnam and Southeast Asia, and constrained crude oil supplies. He affirmed the company’s commitment to ensuring crude oil supplies for the Nghi Son refinery while expanding its investment in Vietnam’s energy sector, including green energy and production of refined products from crude oil.
Expressing his satisfaction with the refinery’s recent performance, Hirano said crude oil supplies have been secured in the near term, enabling the plant to operate at full capacity and return to profitability in the first quarter of 2026.
He thanked the Vietnamese Government and the Ministry of Foreign Affairs for their support and pledged continued efforts to ensure efficient operations, stable crude oil supplies and sustainable returns for all stakeholders./.
