Indonesia-Vietnam trade to double in 2015, says envoy

14-Jun-2012 Intellasia | Saigon Times Daily | 7:01 AM Print This Post

Trade between Vietnam and Indonesia is targeted to more than double to around $10 billion compared to $4.6 billion last year as both countries are committed to lifting their ties to strategic partnership, said the Indonesian ambassador to Hanoi.

Mayerfas told reporters at the Trade, Tourism and Investment forum in Hanoi on Monday that the relationship between the two countries has been moving forward to the higher level since 2003 when a bilateral declaration on the framework of friendly and comprehensive partnership entering the 21st century was signed.

The Indonesian envoy noted the signing of the Plan of Action for 2012-2015 signed last September between the two foreign ministers for the implementation of comprehensive partnership. He said this action plan is essentially a roadmap for the two countries to increase the cooperation in multiple fields, and leaders of the two countries have agreed to uplift the bilateral ties towards strategic partnership.

“We both hope the strategic partnership between the two will be signed this year,” stressed Mayerfas.

Last year, the value of trade between the two countries reached $ 4.6 billion, which was the highest figure ever and an increase of ten folds within only ten years.

Despite such rapid growth, a senior Vietnamese official said it is still far from matching potentials.

“The development of the trade cooperation between our two countries is still far from our potentials, especially when taking into account the huge domestic markets of both countries,” noted Nguyen Thanh Bien, deputy minister of Industry and Trade.

Bien said there are numerous fields of cooperation which have not been properly explored yet such as fisheries, agriculture, food, industry and healthcare.

The Embassy of Indonesia has planned three trade, tourism and investment forum in Hanoi and two others elsewhere to facilitate cooperation for the business community in the two nations.

Indonesia’s direct investment in Vietnam is on the increase with 31 projects worth around $233 million.

“We hope the success achieved by Indonesian investors in Vietnam will give special encouragement to other investors to take advantage of the investment opportunities here,” said Mayerfas.


Category: Economy

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