Indonesia, Vietnam Target Bilateral Trade of US$18 billion by 2028

TEMPO.CO, Jakarta - Indonesia, and Vietnam have agreed to target bilateral trade worth US$18 billion or more by 2028, up from the initial target of at least US$15 billion. The agreement was finalized during the 5th meeting of the Joint Commission on Bilateral Cooperation (JCBC) between Indonesia and Vietnam in Hanoi on April 24, 2024. The Indonesian Foreign Minister Retno Marsudi and her Vietnamese counterpart Bui Thanh Son led the meeting.

"To achieve this target, both countries need to continue to reduce trade barriers and expeditiously conclude agreements on food security, as well as optimize the role of the Joint Committee on Economic, Scientific and Technical Cooperation (JC-ESTC)," said Foreign Minister Retno in her press statement, quoted from the official website of the Ministry of Foreign Affairs on Thursday, April 25, 2024.

Both Foreign Ministers agreed to elevate the partnership status from Strategic Partnership to Comprehensive Strategic Partnership during the meeting. Amid increasing geopolitical rivalries in the region, Foreign Minister Retno urged the start of the 10th Policy Dialogue between Indonesia and Vietnam to strengthen dialogue.

Regarding defense cooperation, the Indonesian Foreign Minister welcomed the 3rd Defense Policy Dialogue and the first Air Force Staff Talk between the two countries' air forces to be held this year.

"The International Defense Expo to be held this December will showcase Indonesian defense industry products. Vietnam also expressed gratitude during the JCBC meeting for Indonesia's assistance in building Vietnam's Peacekeeping Center per UN standards," Retno said.

In the security sector, Minister Marsudi urged strengthened cooperation to address the increasing transnational crimes, especially cases of human trafficking related to online scams. In the maritime sector, she urged enhanced cooperation to address illegal, unreported, and unregulated (IUU) fishing.

"Regarding investment, there is a high interest in two-way investment. Therefore, a conducive investment climate is needed. Indonesia also requested protection for Indonesian investors who have invested in Vietnam during the JCBC meeting," she added.

Both Foreign Ministers also discussed strengthening cooperation in the energy, health, tourism, and education sectors. In general, both countries agreed to continue working together to maintain peace, stability, and prosperity in Southeast Asia and the Indo-Pacific.

"Both countries also emphasized the importance of continued respect for International Law, including UNCLOS 1982. Without respect for International Law, peace and stability will be difficult to maintain, as seen in other regions," said the Foreign Minister.

In addition to the JCBC, during her visit to Hanoi, the Foreign Minister also served as a keynote speaker at Session II of the ASEAN Future Forum (AFF) 2024 and paid a courtesy visit to the Prime Minister of Vietnam. 

KEMLU.GO.ID

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