Trade Minister Enggartiasto "Enggar" Lukita has urged Indonesian businesspeople to co-operate with Vieät Nam to boost trade and investment, instead of competing with the country.
The co-operation includes investing in Vieät Nam to sell more products to countries that Vieät Nam has free trade agreements (FTA) with, said the ministry at the sixth Indonesia-Vieät Nam Joint Commission on Economics, Scientific and Technological Cooperation (JC-ESTC) in Haø Noäi over the weekend.
“We need to invest in Vieät Nam not only because it has 93.3 million people [third biggest country in terms of population in ASEAN], but also because of the other countries that have bilateral FTAs with Vieät Nam,” he said in a press release.
Some Indonesian firms run businesses in Vieät Nam’s property, cement and coal sectors while Vietnamese firms are interested in Indonesia’s coal industry.
Indonesia has seen a trade deficit with Vieät Nam from 2012 to 2016 with the deepest deficit of US$966.5 million in 2014 before easing to $182.6 million, last year.
Total trade reached $6.2 billion last year, with Indonesia exporting $3 billion, dominated by copper, pepper, ground fruits, coconuts, coal, palm oil and its products.
In the first five months this year, nevertheless, Indonesia has managed to book a trade surplus of $5.1 million. – The Jakarta Post