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Vietnam, Indonesia eye US$18 billion in bilateral trade by 2028

The Saigon Times

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HCMC – Vietnam and Indonesia have set a goal to boost bilateral trade to US$18 billion by 2028 from the 2023 level of US$14 billion, officials announced at the 2024 Vietnam-Indonesia Business Forum on June 20.

The forum, held in Jakarta, was organized by the Vietnam Business Association in Indonesia and the Vietnamese Embassy in Indonesia.

Vietnamese Ambassador to Indonesia Ta Van Thong emphasized robust growth in economic and trade relations between the two nations.

Indonesia is Vietnam’s third-largest trading partner in ASEAN, while Vietnam is Indonesia’s fourth-largest, he added. In 2023, bilateral trade between the two countries reached nearly US$14 billion.

Thong pledged ongoing support for Vietnamese businesses operating in Indonesia. He pointed out significant potential for cooperation in various sectors, including green economy, logistics, digital economy, electric vehicles, and the Halal industry.

The forum saw over 30 Vietnamese companies participating, including established firms and new market entrants like Yeu Sai Gon, Dien May Xanh, and VinGroup. Company representatives shared their market experiences and discussed ways to comply with local regulations.

Thai Thanh Long, head of the Vietnam Business Association in Indonesia, stated that the association has successfully connected over 30 businesses and organized numerous activities. Together with the Vietnamese Trade Office in Indonesia, the association provides legal support, business licensing assistance, and workforce localization for Vietnamese firms.

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