Vietnam - Indonesia: Striving to bring bilateral trade turnover to 15 billion USD by 2028

Accordingly, on the occasion of attending the 43rd ASEAN Summit in Jakarta, Indonesia, on the afternoon of September 4, Prime Minister Pham Minh Chinh had a meeting with Indonesian President Joko Widodo.

Vietnam Indonesia aims to bring bilateral trade turnover to 15 billion USD by 2028, picture 1 — Prime Minister Pham Minh Chinh had a meeting with Indonesian President Joko Widodo.

At the meeting, the two leaders appreciated the positive developments in the Vietnam-Indonesia Strategic Partnership since the meeting in May 2023 in Labuan Bajo.

The two leaders affirmed that on the basis of the precious values of the traditional friendship established by President Ho Chi Minh and President Soekarno, the two countries will increase high-level exchanges and contacts in the coming time, marking the 10th anniversary of the Strategic Partnership in 2023 and looking forward to the major events of the 70th anniversary of diplomatic relations and the 80th anniversary of the National Day of the two countries in 2025.

The two leaders agreed to actively promote the effectiveness of bilateral cooperation mechanisms and coordinate to effectively implement signed agreements and treaties, including bringing signed documents on maritime cooperation into effect soon and implementing them in practice, creating momentum to bring the Strategic Partnership to new heights, towards a Comprehensive Strategic Partnership in the coming time.

Vietnam Indonesia aims to bring bilateral trade turnover to 15 billion USD by 2028, picture 2 — Prime Minister Pham Minh Chinh asked Indonesia to limit the application of trade defense measures against Vietnamese exports.

Prime Minister Pham Minh Chinh suggested that the two countries maintain a more balanced trade growth momentum, striving to bring bilateral trade turnover to 15 billion USD by 2028; and suggested that the two governments jointly promote businesses of the two countries to increase investment, especially in new areas such as digital economy, green economy, energy conversion, and development of electric vehicle ecosystems.

The Prime Minister proposed that Indonesia limit the application of trade defense measures against Vietnamese exports, facilitate agricultural products and Halal products originating from Vietnam to access the Indonesian market, cooperate in developing new strategic supply chains and strengthen cooperation in areas of mutual interest; and proposed that Indonesia recognize Vietnam's efforts in managing fishing vessel activities and minimizing illegal, unreported and unregulated (IUU) fishing activities.

The President of Indonesia welcomed Prime Minister Pham Minh Chinh to Indonesia to attend the 43rd ASEAN Summit and related conferences; thanked and appreciated Vietnam's active support and assistance to Indonesia in its role as ASEAN Chair 2023.

Vietnam Indonesia aims to bring bilateral trade turnover to 15 billion USD by 2028, picture 3 — At the meeting, the Prime Minister respectfully conveyed the invitation of General Secretary Nguyen Phu Trong and President Vo Van Thuong to President Joko Widodo to visit Vietnam soon. President Widodo happily accepted the invitation.

President Widodo welcomed Vietnamese enterprises, including Vinfast, to invest in Indonesia, promote cooperation in developing renewable energy and electric vehicle ecosystems; suggested that the two countries strengthen maritime cooperation, sustainable fisheries cooperation and soon sign a Memorandum of Understanding on fisheries cooperation.

Discussing regional and international issues, Prime Minister Pham Minh Chinh affirmed that Vietnam supports and closely coordinates with Indonesia to ensure the success of the 43rd ASEAN Summit and the ASEAN Chairmanship Year 2023, contributing to strengthening solidarity, unity and the central role of ASEAN and contributing to maintaining an environment of peace, stability, cooperation and common development in the region.

Regarding the East Sea issue, the two leaders reaffirmed their support for maintaining solidarity and ASEAN's agreed principles on the East Sea issue, especially ASEAN and China's early achievement of an effective and efficient COC in accordance with international law and the 1982 UNCLOS.

The Asia-Africa Market Department (Ministry of Industry and Trade) said: Vietnam-Indonesia economic and trade relations have recorded strong growth in recent times. Vietnam and Indonesia are both economies with great potential, emerging and developing rapidly.
Trade turnover between the two countries also recorded positive growth. While in 2013, bilateral trade turnover only reached 4.8 billion USD, after 10 years, the turnover has increased nearly 3 times, reaching 14.1 billion USD in 2022.
In the first four months of 2023 alone, bilateral trade turnover reached more than 4.2 billion USD; of which, exports to Indonesia reached 1.6 billion USD, up 9% over the same period in 2022. It is expected that in 2023, bilateral trade turnover between Vietnam and Indonesia may reach or exceed 15 billion USD.
In Southeast Asia, Indonesia is currently Vietnam's third largest trading partner, while Vietnam is Indonesia's fourth largest trading partner in Southeast Asia.
Notably, Vietnam is a reputable and quality supplier of many products to the Indonesian market such as rice, coffee, rubber, seafood, textiles, footwear, mobile phones and components, iron and steel, construction materials, plastic products, etc.
On the other hand, many of Indonesia's strong products such as coal, auto parts, palm oil, raw plastics, animal feed and raw materials, chemicals, base metals, etc. are also of interest to Vietnamese enterprises, who import them to serve their production and business activities.

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