Friday, 20 April 2018 13:30

Indonesia–Vietnam Agree to Increase Trade Cooperation

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Exports of Indonesian automotive products will return to Vietnam, after export market access of Indonesian automotive products to the country had temporary stopped. Press release from the Ministry of Foreign Affairs in Jakarta, Tuesday (17/4) stated that this is one of the issues discussed in the 3rd Session of the Joint Commission of Indonesia-Vietnam. The Joint Commission Meeting, held in Hanoi, Vietnam, led by Indonesian Foreign Minister Retno Marsudi and Vietnam Foreign Minister Pham Bihn Mihn. Automative products is one of Indonesia's largest exports to Vietnam, reached about 293 million US dollars in 2017. Previously, at the end of 2017, the Government of Vietnam issued a regulation restricting the automotive import in the country. Retno Marsudi said that as one of Indonesia's close neighbors, the bilateral cooperation between Indonesia and Vietnam continues to grow rapidly year on year, especially after the two countries agreed on strategic partnership agreement in 2013. In the economic field, the trade value of both countries continued to increase to 6.8 billion US dollars in 2017, or 8.64 percent compared to 2016. In addition, there is an increase in the value of two-way investment between the two countries. In 2017 Vietnam's investment to Indonesia increased by about 300 percent, while Indonesian investment to Vietnam increased by about 36 percent in 2017. Various achievements in the field of economic cooperation are in line with the targets of the strategic action plan of the two countries, for the 2014-2018 period. In the meeting, the two Foreign Ministers agreed the positive momentum of economic cooperation between the two countries should be kept on guard. Therefore, the two Ministers agreed to immediately develop a new action plan for the 2019-2023 period, as a guide and the target of cooperation between the two countries, within the next five years. The Action Plan will be completed by November 2018. Several new sectors proposed by the Foreign Minister to enter in the new action plan including strategic defense industry, cultivation of crops and marine animals, marine tourism, renewable energy and creative industries. Minister Retno Marsudi expects that the new action plans can be completed by 2018 by admiting new opportunities. The two Foreign Affairs Ministers will encourage wider interaction with various business communities to explore innovative steps to make use various opportunities. Minister Retno Marsudi has said, some identified sectors remain opened for businessmen of Indonesia and Vietnam, such as downstream sector of oil and gas, hotel and property.

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