Vietnam and Indonesia strive to realise US$18 billion trade target by 2028

Vietnamese businesses have been given opportunities to export rice as Indonesia is increasing import quotas

To achieve this goal, delegates said both countries will promote trade and investment promotion activities, support business connections, and address difficulties and barriers to access each other’s markets.

Indonesia is Vietnam’s third-largest trade partner in ASEAN, while Vietnam is Indonesia’s fourth-largest trade partner. As of June 2024, Indonesia ranked 30th among 146 countries and territories investing in Vietnam, with 115 projects and total registered capital of more than US$662 million.

Addressing the forum, Agustaviano Sofjan, Indonesian Consul General in Ho Chi Minh City, stated that Indonesia aims to strengthen business cooperation with Vietnam across various fields, including high-tech industries, agriculture, and fisheries.

In particular, Indonesia will organize a series of events to connect the business communities of both countries, he said.

According to the diplomat, Vietnam is Indonesia’s sole strategic partner in ASEAN, and the establishment of the Strategic Partnership 10 years ago has laid a solid foundation for both countries to further enhance trade and investment relations.

Taking the floor, nguyen Huu Nam, deputy director of the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch, noted that Vietnamese goods are increasingly strengthening their position in the Indonesian market, with continuous growth in export value. Notably, computers, electronics, and components are the leading export items to Indonesia.

The governments of both countries encourage and facilitate businesses to enhance cooperation in new fields, including the digital economy, green economy, energy transition, and the development of electric vehicle ecosystems and batteries, he said.

Moreover, many trade promotion agencies from both sides are expanding cooperation within the framework of the Just Energy Transition Partnership (JETP) and increasing collaboration in areas such as Halal and food security, he added.

During the forum, the business community were provided with updates on the Indonesian market in general and the Trade Expo Indonesia, the largest international trade exhibition in country which is held annually. This expo features a wide range of products and focuses on facilitating direct trade connections between Indonesian businesses and foreign partners.