Dialogue seeks stronger Vietnam-Indonesia trade links

In recent times, economic and trade co-operation has been a bright spot in the two countries' relationship. Indonesia still retains its position as the nation’s third largest trade partner and the country is Indonesia's fourth largest trade partner in ASEAN with trade turnover during the past 11 months of 2023 nearing US$13 billion.

The two sides will strive in efforts to bring bilateral trade turnover to reach US$15 billion soon before rising higher to US$18 billion before 2028.

At the dialogue, businesses from both sides expressed concern about economic development policies, policy mechanisms, and solutions aimed at strengthening investment links in various fields of the two economies.

Participants also shared new development and investment trends and investment directions moving forward, while simultaneously making proposals in a bid to improve the effectiveness of collaboration, with the ultimate goal of achieving common success for businesses in each country.

President Widodo said that both sides share a common vision of striving to become a high-income nation by 2045 and voiced hope that leading Vietnamese businesses will co-operate and invest more in Indonesia whilst working together to fulfill its goals, especially by investing in the new Indonesian capital area.

The Indonesian President expects VinFast to expand investment in the electric vehicle field, VietJet Air to open more flights to Indonesian tourist destinations, Sovico group to invest in tourism and real estate projects, and FPT software to invest in the technology field.

Furthermore, he expressed his hopes that many more Vietnamese financers will invest in Indonesia in the fields of banking, finance, education, science and technology, and manufacturing.

Sharing the vision of the Indonesian President, PM Chinh said that after nearly 70 years of establishment, mutual relations have seen constant development. However, economic co-operation is not commensurate with both nations' political relations and the stature of the two economies, as well as both sides' expectations.

The Vietnamese Government chief hailed Indonesian businesses’ investment in the nation and said that the country encourages businesses to invest in emerging economic sectors such as the digital economy, the green economy, the circular economy, the knowledge-based economy, and the sharing economy. This is along with industries in which Indonesia has strengths and Vietnam has needs such as the Halal industry and agriculture.

He wished Indonesian firms to work alongside and support Vietnamese businesses’ engagement in supply chains, both in Indonesia and globally.

Vietnam always creates the best possible conditions for enterprises to run long-term stable and successful investment in Vietnam, including fine-tuning institutions, improving infrastructure, and providing human resources, with the motto of "Open policy regime, smooth infrastructure, smart management", thus helping businesses to invest smoothly, PM Chinh went on.

He affirmed that the Vietnamese side always protects the legitimate rights and interests of businesses, including Indonesian ones, in the spirit of "harmonious benefits, shared risks" and "harmony of interests between State, people, businesses".

The Vietnamese cabinet leader also affirmed his readiness to conduct dialogues with businesses in order to actively consider and satisfactorily handle their proposals, while hoping that firms will make a commitment to do what they say in a substantial and effective manner.

Earlier the same day, PM Chinh and the Indonesian President had breakfast together and compared notes on issues of shared concern.