Vietnam, Indonesia Agree to Set New Bilateral Trade Targets

TEMPO.CO, Jakarta - Indonesian President Joko Widodo (Jokowi) held a bilateral meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi, Vietnam, on Friday (January 12), during which they agreed to increase new bilateral trade targets.

The agreement was reached after the target of US$10 billion, set for 2023, was achieved in 2022.

"I am sure that PM Chinh has also agreed to set a trade target of above US$15 billion for 2028 by expanding market access and reducing trade barriers," the president noted in a statement issued by the Presidential Secretariat Press Bureau.

He also lauded the strategic partnership between the two countries that has resulted in various concrete collaborations, such as a memorandum of understanding (MoU) on information and communication technology signed on Friday.

"This is in line with our goal to strengthen bilateral partnerships by taking advantage of the demographic bonus, digitalization, and high-tech industry to achieve mutual prosperity," Jokowi added.

Discussions between the two leaders also covered the investment sector in which President Jokowi lauded the increased investment by Indonesian companies in Vietnam and hopes that PM Chinh would continue to support a good investment climate.

"We ask PM Chinh to encourage an investment climate that prioritizes investor protection aspects by the agreement between the two countries and the ASEAN Comprehensive Investment Agreement," Jokowi remarked.

He then sought PM Chinh's support to ensure rice imports from Vietnam to Indonesia run smoothly.

In addition, the Indonesian head of state sought intensified agricultural cooperation through research on quality control and smart farming, encouraging the implementation of the MoU on fisheries cooperation, and eradicating illegal, unreported, unregulated (IUU) fishing.

Regarding cooperation in the renewable energy sector, President Jokowi welcomed the investment commitment worth US$1.2 billion (equivalent to Rp18.7 trillion) from Vietnamese automotive manufacturer, VinFast, for the development of an electric car and electric vehicle battery ecosystem in Indonesia.

He expressed hope that this commitment would encourage collaboration between countries in Southeast Asia to achieve independence in the renewable energy industry.

Jokowi also thanked Vietnam for supporting Indonesia during its chairmanship at ASEAN last year.

"ASEAN still has homework to resolve the Myanmar crisis. Therefore, Indonesia will continue to support Laos' chairmanship this year," he stated.

ANTARA

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