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Vietnam, Indonesia look to raise bilateral trade to US$15 billion

The Saigon Times

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HCMC – Vietnamese State President Vo Van Thuong and Indonesian President Joko Widodo have expressed their commitment to increasing bilateral trade from nearly US$14 billion in 2023 to over US$15 billion this year.

This announcement came during their discussions in Hanoi on January 12, as part of Indonesian President Widodo’s State visit to Vietnam from January 11 to 13.

Vietnam requested Indonesia to facilitate the import of Vietnamese agricultural products and halal goods, and encouraged investments from Indonesian businesses in finance, banking, smart finance, high technology, and innovation.

Both nations also pledged to enhance political trust through delegate exchanges and high-level meetings, while strengthening cooperation in defense and security.

President Widodo praised increased investments from both countries, particularly highlighting Vinfast’s commitment to invest US$1.2 billion in developing an ecosystem of electric vehicles and batteries in Indonesia.

State President Vo Van Thuong emphasized the potential for bilateral relations, stating that, with the traditional friendship and significant cooperative achievements of the two countries over the past 70 years, it is time to elevate their relations to a new level in the coming years.

Establishing diplomatic relations in 1955, Vietnam and Indonesia elevated their relations to a comprehensive partnership in 2003 and a strategic partnership in 2013. Bilateral trade reached US$14 billion in the previous year, up from US$9 billion in 2019.

By September 2023, Indonesia had participated in 110 projects in Vietnam worth over US$646 million, primarily in the processing industry, lodging, and catering services. In return, Vietnam had invested in 17 projects in Indonesia, with a total pledged capital of US$59 million, focusing on trade, information technology, agriculture, and industry.

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