Vietnam, Indonesia set sights on US$15 billion trade by 2028

The agreement was reached during the fourth meeting of the Vietnam – Indonesia Joint Commission for Bilateral Cooperation held in Jakarta on July 20. The meeting was co-hosted by Indonesian Foreign Minister Retno Marsudi and his Vietnamese counterpart Bui Thanh Son who is in Jakarta for a three-day visit.

The two sides shared the view that the relations between Vietnam and Indonesia have developed positively, especially since the two countries established their strategic partnership in June 2013.

Despite the impact of the COVID-19 pandemic, the two sides have maintained contact and high-level exchanges of visits in a flexible form, contributing to increasing trust and political cohesion.

Notably, progress has been made in enhancing bilateral economic and trade cooperation, with two-way trade last year hitting US$11.5 billion, a year-on-year rise of 40% and exceeding the US$10 billion target set for 2019 - 2023.

In the first six months of 2022, their trade turnover hit US$6.9 billion, up 24% over the same period in 2021.

The two sides have well implemented the Joint Vision Statement on Defense Cooperation for 2017 - 2022 and regularly maintained cooperation mechanisms between the two Defense Ministries.

Progress has also been made in other cooperation areas such as agriculture, fisheries, energy, aviation, culture, education-training and tourism.

To bring into full play the recorded gains, the two sides agreed to increase exchanges and contact at all levels, maintain the effectiveness of existing cooperation mechanisms, and encourage the resumption of art and people-to-people exchanges, especially in 2023 when Vietnam and Indonesia celebrate 10 years of their strategic partnership.

The two sides consented to increase defense cooperation, focusing on well implementing the Joint Vision Statement on Defense Cooperation for 2017-2022, sharing information and coordinating closely in the fight against transnational crimes.

To meet the US$15 billion trade target set for 2028, the two sides will soon convene the eighth meeting of the Joint Commission on Economic, Scientific and Technical Cooperation, create favourable conditions for enterprises of the two countries to get involved in import – export activities, and seek opportunities to expand and diversify investment, especially in potential fields such as fisheries, infrastructure construction, renewable energy, digital transformation, among others.

Minister Bui Thanh Son suggested that the two countries work closely together to cope with the risk of a global food crisis. He also suggested that Indonesia limit the application of trade remedies to Vietnamese exports, soon sign a cooperation document on rice trading for the next four years, and support Halal products of Vietnamese origin in accessing its market.

The two sides consented to encourage their airlines to increase frequency and consider opening new routes connecting their major tourist destinations. They also agreed to promote the exchange of culture, trade, and tourism activities between localities of the two countries.

Exchanging views on regional and international issues of mutual concern, the two FMs highly appreciated the coordination of the two countries at multilateral organizations and forums, contributing to strengthening the solidarity and central role of ASEAN, as well as to maintaining peace, stability, cooperation and development regionally and globally.

They vowed to continue strengthening coordination and mutual support within the framework of ASEAN, the United Nations and other regional and international mechanisms. They reaffirmed their support for maintaining ASEAN’s unity and agreed principles regarding the East Sea issue, in accordance with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The two FMs signed the minutes of meeting and agreed to hold the next meeting in Vietnam in 2024 or 2025.