Japan and Vietnam have agreed to launch a taskforce to study ways to strengthen the flow of supplies of electronic components between the two countries.

The agreement came at a meeting on bilateral trade and investment held in Hanoi on Friday.

Under the taskforce, working level officials will discuss strengthening supply chains for advanced electronic parts used in smartphones and electric vehicles.

Fast-growing Vietnam has attracted many manufacturing plants for automobiles and electronic parts. It is raising its profile as an alternative production hub to China, amid the economic rift between Washington and Beijing.

Japan's industry minister Nishimura Yasutoshi told the meeting that Japan hopes to firmly establish supply chains with its trustworthy partner Vietnam, amid heightened geopolitical tensions around the world.

Vietnam's industry minister Nguyen Hong Dien expressed hope that the two sides will discuss specific ways forward to contribute to the development of bilateral trade.

The taskforce will also discuss removing obstacles for Japanese firms aiming to start supply-chain related businesses in Vietnam or enter partnerships with local companies.

After the meeting, Nishimura told reporters that 2,000 Japanese-affiliated firms are already active in Vietnam. He said he hopes the two countries can cooperate in a wide range of sectors.