Vietnam and Indonesia: Toward New Milestone in Economic Cooperation

Dr. Ho Sy Hung, President of the Vietnam Chamber of Commerce and Industry (VCCI), recently met in Hanoi with Indonesian Ambassador to Vietnam Adam Mulawarman Tugio and senior embassy officials. The talks focused on practical measures to strengthen bilateral economic ties and on preparations for the upcoming state visit of the Indonesian President to Vietnam.

VCCI President Ho Sy Hung (R) and Indonesian Ambassador Adam Mulawarman Tugio

At the outset, Ambassador Mulawarman Tugio congratulated Dr. Ho Sy Hung on his leadership role at VCCI and expressed confidence that VCCI would continue to serve as an effective bridge in advancing the shared economic goals of both countries.

In reviewing trade ties, both sides welcomed the strong growth in bilateral turnover. With trade reaching nearly US$17 billion last year, the goal of US$18 billion by 2028 set by the two governments is moving closer to being achieved ahead of schedule. Looking ahead, they agreed to expand cooperation into promising areas such as renewable energy, the digital economy, food security, and manufacturing, creating greater added value for regional supply chains.

A key topic of the discussion was the potential of the global Halal industry. Ambassador Mulawarman Tugio described it as a broad ecosystem that goes beyond food to include fashion, cosmetics, tourism, and finance. With its strategic location and manufacturing strength, Vietnam has strong potential to participate more deeply in this supply chain, serving a market that represents 25% of the world’s population. Paying greater attention to Halal standards could also help Vietnam’s tourism sector attract more visitors from Indonesia and the Middle East, while meeting changing consumption trends among younger generations.

From VCCI’s side, Dr. Ho Sy Hung said there is still substantial room to expand investment cooperation between the two countries. A new wave of Vietnamese businesses investing in Indonesia is gaining pace, while demand for production materials from the archipelagic country continues to increase. VCCI pledged to work closely with the Indonesian Chamber of Commerce and Industry (KADIN) and the Indonesian Embassy to organize practical business networking activities, creating favorable conditions for enterprises from both countries to build on shared strengths. Cultural and educational exchanges are also expected to support long-term bilateral ties.

Looking ahead to the expected state visit of the Indonesian President in late March or early April, both sides discussed plans for high-level dialogue activities. The focus will be a large Business Forum and in-depth meetings between government leaders and leading corporations from both countries. This is seen as an important opportunity for companies in key sectors to meet directly and sign major cooperation agreements.

At the close of the meeting, the two sides agreed to set up a direct communication channel to finalize preparations, aiming to ensure that the President’s visit marks a significant milestone and opens a new chapter in the Vietnam-Indonesia Comprehensive Strategic Partnership.n

By Huong Ly, Vietnam Business Forum