Indonesia, Vietnam Target US$15 Billion in Bilateral Trade by 2028

TEMPO.CO, Jakarta - President Joko Widodo (Jokowi) and Vietnamese Prime Minister Pham Minh Chinh have agreed to increase bilateral trade so that it crosses the US$15 billion-mark by 2028.

During a meeting in Hanoi on Friday, President Widodo and PM Chinh also agreed to increase the expansion of market access and reduce trade barriers, following the achievement of the trade target of US$10 billion by the two countries in 2023.

"In the field of investment, the President asked for Prime Minister Chinh's support to continue to encourage a conducive investment climate that prioritizes the aspect of protection for investors, including Indonesian investors in Vietnam," Indonesian Foreign Affairs Minister Retno Marsudi informed in a statement transcript on President Widodo's visit to Vietnam.

As per official records, more than 32 Indonesian companies are operating in Vietnam. Taking note of this, the minister opined that President Widodo's request to Prime Minister Chinh reflects the government's support for Indonesian investors carrying out activities abroad.

During their meeting, the two leaders also agreed to encourage agricultural cooperation through cooperation in strategic food commodities, including research, quality control, and smart farming.

Meanwhile, in the fisheries sector, President Widodo expressed appreciation for the increase in exports of Indonesian fishery products to Vietnam, which almost doubled in 2022.

"The President and PM Chinh also agreed on the importance of joint efforts to continue to encourage collaboration and investment, including for the progress of the fisheries industry and efforts to eradicate IUU (illegal, unreported, and unregulated) fishing," the minister said.

Cooperation in the field of renewable energy was also discussed during the meeting.

"President Jokowi and PM Chinh agreed that collaboration between ASEAN member states is crucial to achieve self-sufficiency in this sector," she added.

President Widodo and PM Chinh also emphasized the importance of continuing to work together to complete ASEAN's "homework," including efforts to resolve the crisis in Myanmar.

ANTARA

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