Vietnam, Indonesia Aim to Reach US$15 Billion in Two-Way Trade Before 2028

2:00:00 PM | 12/23/2022

Vietnam and Indonesia have agreed to lift two-way trade to 15 billion USD or above before 2028, President Nguyen Xuan Phuc and his Indonesian counterpart Joko Widodo told the press following their talks in Jakarta on December 22.

President Nguyen Xuan Phuc (L) and his Indonesian counterpart Joko Widodo. (Photo: VNA)

The two leaders said the talks had been a success, and the two sides reached a consensus on a number of important cooperation areas.

The Vietnam-Indonesia strategic partnership has overcome challenges and become more reliable, with stronger economic ties, they said, adding that they agreed to facilitate all-level visits and effectively implement cooperation mechanisms.

The leaders said the Joint Commission for Bilateral Cooperation has effectively rerealizedooperation agreements and built an action plan to carry out the strategic partnership for the 2024-2028 period. Two-way trade has been growing steadily in a more balanced manner, making it easier for firms to diversify investments and develop the digital economy and transformation, green economy, renewable energy, tourism, services and flight frequency.

Both sides also pledged to enhance links in national defence-security, maritime cooperation, people-to-people and business-to-business exchanges.

President Phuc said two-way trade hit 11.5 billion USD in 2021, two years ahead of schedule, and the figure could reach 13 billion USD this year. The two countries will celebrate the 10th anniversary of their strategic partnership next year, opening up a new chapter in the bilateral relations.

In order to achieve the target of 15 billion USD or above in two-way trade before 2028, President Widodo suggested Vietnam create favourable conditions for Indonesian goods to enter the country, particularly farm produce. He also agreed with President Phuc’s proposal to boost bilateral investment cooperation.

Speaking highly of Vietnam’s trust in Indonesian enterprises operating in the country in various areas, President Widodo said Indonesia has invested in 101 projects worth 611.7 million USD in Vietnam. He also hailed the Vietnamese Government for dealing with problems faced by Indonesian investors.

The host told the press that the two leaders vowed to boost cooperation in clean and renewable energy. He also welcomed the signing of deals in energy and mining, which, he said, will push forward the development of solar energy, hydrotechnology and smart grid networks. The Indonesian President also lauded the effective partnership in electric motorbikes and electric vehicle batteries.

On tourism cooperation, President Widodo said the two nations will strive to reach the number of pre-pandemic arrivals and complete plans to launch a new flight route linking Da Nang and Java, and increase the frequency of flights between Ho Chi Minh City and Jakarta.

Regarding regional and global issues, the Vietnamese and Indonesian Presidents promised to intensify cooperation at regional and global forums, especially in the Association of Southeast Asian Nations (ASEAN) and the United Nations.

On the East Sea issue, they vowed to work together to promote a united and self-reliant ASEAN; uphold its central role and maintain ASEAN's common stance on the East Sea/South China Sea issue; and ensure peace, safety, security and freedom of navigation and overflight in line with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The two leaders also said they had discussed Indonesia's priorities during its 2023 ASEAN Chairmanship Year. President Phuc congratulated Indonesia on fulfilling its role of G20 Chair in 2022 and committed to supporting Indonesia in its role as the 2023 ASEAN Chair with the theme "ASEAN Matters: Epicentrum of Growth".

Source: VNA