During his state visit to Indonesia and official visit to the ASEAN Secretariat, Party General Secretary To Lam attended the Vietnam-Indonesia High- Level Business Dialogue: A Partnership for Progress and Prosperity in Jakarta on March 10.

The event, co-organized by the Vietnam Ministry of Finance, the Vietnamese Embassy in Indonesia, the Indonesia-Vietnam Friendship Association, and Ciputra Group, marked the 70th anniversary of diplomatic relations between the two nations.

Top leaders, business executives, and key stakeholders from both countries highlighted the significance of the event amid the 70th anniversary of diplomatic ties (1955–2025) and ongoing efforts to elevate the relationship to a Comprehensive Strategic Partnership. Over the years, Vietnam and Indonesia have boosted their ties across a variety of fields, with economic cooperation emerging as a pillar of their relationship.

Bilateral trade between Vietnam and Indonesia has grown steadily, with two-way trade projected to reach US$16 billion in 2024, a 16% increase from the previous year. This trajectory suggests that the two countries could achieve their trade target of US$18 billion ahead of the 2028 deadline. Investment cooperation has also witnessed remarkable growth.

Business representatives from both nations discussed key areas of cooperation, including artificial intelligence (AI), the digital economy, green energy, electric vehicles, and the Just Energy Transition Partnership (JETP). They also explored opportunities in food security, the Halal industry, education, and maritime cooperation, thereby reinforcing the deepening ties between the two countries. The forum reaffirmed both sides' commitment to sustainable growth, innovation, and regional cooperation, laying the foundation for a stronger future partnership.

In his speech, the Vietnamese Party leader emphasized that after nearly four decades of economic reform, Vietnam has transformed from an underdeveloped country into a symbol of stability and progress. Under the comprehensive leadership of the Communist Party of Vietnam, the country has become a trusted destination for investors and international visitors.

He attributed Vietnam’s achievements to national unity, self-reliance, and the aspirations for independence, freedom, and prosperity. He also recognized the decisive role of the Party, the active participation of the political system, the business community, and international partners, including Indonesia's government and enterprises, in Vietnam's development.

The Vietnamese Party chief underscored the great potential for cooperation between the two nations, driven by their domestic strengths and the momentum of their strategic partnership. He called on Indonesian businesses to expand their presence in Vietnam, leveraging mutual trust and equal partnership for shared benefits.

To achieve this, he urged relevant ministries and agencies in both countries to translate high-level agreements into actionable initiatives, swiftly resolve investment challenges, and enhance business transparency. He highlighted Indonesia’s support in incentivizing its enterprises to invest in Vietnam while facilitating Vietnamese firms' operations in Indonesia, particularly in science, technology, and innovation-driven projects.

He also stressed the pivotal role of business associations in solidifying connections between enterprises and government agencies. He encouraged investors to explore opportunities in emerging industries such as semiconductor manufacturing, AI, the Internet of Things (IoT), renewable energy (including hydrogen), financial technology, and biotechnology.

General Secretary To Lam reaffirmed Vietnam's commitment to creating a favorable investment environment, recognizing foreign-invested enterprises as an integral part of the economy. He noted that foreign direct investment has played a key role in Vietnam’s economic transformation, institutional reforms, and global standing. Moving forward, Vietnam aims to attract high-quality, technology-driven, and environmentally sustainable investments.

On this occasion, To Lam and his delegation witnessed the signing and exchange of several business cooperation agreements between Vietnam and Indonesia.

Economy and investment – Key pillars of Vietnam-Indonesia relationship

The economic and investment relations between Vietnam and Indonesia have grown significantly in recent years, becoming one of the important pillars in the bilateral relationship between the two countries, according to Indonesian Deputy Minister of Investment Nurul Ichwan.