Improving efficiency of Vietnam – Indonesia investment promotion

President of Vietnam-Indonesia Friendship Association Nguyen Dang Tien delivers a speech at the seminar

Addressing the seminar,  Chairman of Vietnam-Indonesia Friendship Association Nguyen Dang Tien said Vietnam and Indonesia have witnessed positive developments in trade exchanges over the years. Bilateral trade increased from US$4 billion in 2012 to US$5.6 billion in 2016 with an annual average growth of 5%.

Both countries agreed to boost all-round cooperation, striving to elevate two-way trade to US$8 billion in 2018 aiming for the target of US$10 billion.

Vietnam has run only 7 investment projects totally capitalized at US$107 million in Indonesia while Indonesia poured US$437 million in 59 projects in Vietnam.

In his speech, Indonesian Ambassador to Vietnam Ibnu Hadi affirmed that his nation attached great importance to Vietnam’s strategic position in strengthening economic cooperation, adding that Vietnam is likely to become a gateway for Indonesian investors to penetrate the markets of neighbouring countries like Laos and Cambodia, and Vietnam’s major trading partners such as the US, the EU and China.

Ambassador Hadi said Indonesia’s key exports to Vietnam are coal, automobiles, metal, chemicals, paper, and machinery, noting that Indonesia’s investment in Vietnam is still far from matching full potential of both nations.

At the seminar, the Indonesian diplomat also shared information on aviation cooperation between the two nations, revealing that low-cost carrier VietJet Air is set to open new direct air routes between HCM City and Jakarta in December.

Representatives from the Hanoi People’s Committee, the Ministry of Industry and Trade and the Vietnam National Administration of Tourism  also delivered reports on investment opportunities between Vietnam and Indonesia and put forth several suggestions to speed up the cooperation process.