Vietnam, Indonesia exploit untapped potential

He mentioned huge populations, economic growth, rising purchasing power parity, geographical closeness and membership in ASEAN as potential for bilateral cooperation.

During the event, jointly held by the Vietnam Chamber of Commerce of Industry (VCCI) and the Indonesian Embassy, Indonesian business representatives heard about the host country’s investment policy as well as specific tax regulations.

Vietnam has become a new destination for Indonesian investors and several companies have been very active in exploring opportunities and completing deals with Vietnamese companies, the ambassador said.

He urged the Vietnamese business community to explore Indonesia’s investment and business climate and learn about the opportunities the market holds for foreign investors.

“While Indonesia is becoming more attractive to foreign investors, we sincerely look forward to Vietnamese entrepreneurs taking full advantage of what Indonesia has offered, both in terms of business and investment,” he said.

Bilateral trade and investment between the two nations have developed significantly over the past years, said head of VCCI’s International Relations Department Pham Quang Thinh, who added that the two business communities could bring the relationship to a higher level.

Dang Xuan Quang, deputy head of the Ministry of Planning and Investment’s Foreign Investment Agency, emphasized the importance of accelerating the two nations’ ties with a focus on speeding up trade and investment promotion and links between the two private sectors.

Last year, two-way trade turnover reached US$4.6 billion, with Vietnam’s export revenue contributing over US$2.35 billion.

Vietnam imported more than US$2.24 billion worth of goods from Indonesia, including paper, cooking oil and chemicals.

As of March, Indonesian investors had pumped US$285 million into 34 projects in Vietnam. In turn, Vietnamese businesses had seven projects worth US$107 million in Indonesia.