Việt Nam News

Việt Nam, Indonesia similarities facilitate trade, agro-fishery cooperation

April 01, 2024 - 23:01

The countries’ trade reached nearly US$14 billion in 2023, with Việt Nam's export value to Indonesia exceeding $5 billion

Keynote speakers of the seminar "Prospects for trade promotion activities between Indonesia and Vietnam in 2024" held in HCM City on Monday. — VNA/VNS Photo

HÀ NỘI — The Vietnamese and Indonesian economies share many similarities, conducive to cooperation in trade, agriculture, and fisheries promotion, said experts at a symposium held in Hồ Chí Minh City on Monday.

The event was co-organised by the municipal Investment and Trade Promotion Center (ITPC) and the Consulate General of Indonesia in the southern economic hub.

Hồ Thị Quyên, Deputy Director of the ITPC, said Indonesia is Việt Nam’s third-largest trading partner in the ASEAN region and potential import market.

According to statistics from the General Department of Vietnam Customs, the countries’ trade reached nearly US$14 billion in 2023, with Việt Nam's export value to Indonesia exceeding $5 billion. Rice was the largest contributor to the export turnover with $640 million from 1.16 million tonnes.

Quyên added that in addition to rice, other key currency earners of Việt Nam, such as agro-fishery products, food, and consumer goods, have yet to reach their expected levels or fully tap the potential of both sides.

The HCM City government is working to improve the business climate and create favourable conditions in policies and procedures to welcome foreign investors and enterprises, including those from Indonesia, she noted.

Indonesian Consul General in HCM City Agustaviano Sofjan stated that despite the impact of the global economic downturn, the bilateral trade still experienced significant growth and is projected to hit $15 billion in the near future.

Their business communities mainly consist of small- and medium-sized enterprises, and both nations need to encourage more trade activities between them, the diplomat said.

Meanwhile, Edwin Setiawan Tjie, Chairman of the Indonesian Business Association in the city, stressed that apart from trade, the countries see potential for joint works in agro-fishery development.

Việt Nam and Indonesia can share experience in adjusting policies, developing human resources, and promoting farm produce trade, he recommended, adding that in the aquatic farming sector, they can work together in technology transfer investment and researching sustainable farming models. — VNS

Trade surplus hits $8.4 billion in four months: GSO

Economy

Foreign investment disbursement hits record high in the first four months

Economy

Vietjet reports positive business performances in Q1/2024

Economy

Phenikaa targets to train over 8,000 semiconductor chip design engineers by 2030

Economy

Việt Nam secures remarkable economic successes since national reunification

Economy

CPI in April inches up 0.07%

More on this story

Economy

Transport ministry makes progress in capital disbursement in Q1

The Planning and Investment Department revealed that over VNĐ6.77 trillion has been allocated to the North-South Expressway project, equivalent to some 65% of the ministry’s total disbursement.

Economy

VN aims to hit top 8 globally for IPv6 usage in 2024

Converting to IPv6, the most recent version of the Internet Protocol, is critical to ensure address resources for Internet development and connection with new services such as Internet of Things, cloud computing and 5G/6G networks.

Economy

Vietnamese stocks suffer as banking and securities shares decrease

Vietnamese stocks witnessed a decline on Monday as banking shares and securities stocks experienced a decrease. This resulted in increased pressure on the indices, driven by a strong selling force prevailing in the market.

Economy

Shrimp exports to major markets bounce back

Having identified its weakness in 2023, entering the first quarter of 2024, Việt Nam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.

Economy

Vietnamese in Laos have high hopes on real estate market prospects at home

Vietnamese in Laos have shared the belief that the amended Land Law, passed by the National Assembly earlier this year, will significantly contribute to national socio-economic development.

Economy

Masan set to close $250 million investment deal with Bain Capital on April 22

Masan Group Corporation (HOSE: MSN) announced on April 1 that the State Securities Commission has acknowledged receipt of its application for the private placement of convertible dividend preference shares related to a US$250-million investment by Bain Capital, a leading global private investment firm with assets worth US$180 billion under management.

Economy

Hà Nội is the most expensive place to live in VN: GSO

Hà Nội remains the most expensive city in Việt Nam for five years strait, according to 2023 Spatial Cost of Living Index (SCOLI) report recently announced by the General Statistics Office.

Economy

Việt Nam remains the world's second-largest footwear exporter in February

The Southeast Asian economy exported footwear worth US$1.2 billion during February to more than 150 markets around the world, accounting for 10 per cent of the global supply.

Economy

HDBank announces financial statements with profit of $524 million, ROE 24.2%, releases 2024 ESG report

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - stock code: HDB) on March 29 announced its 2023 audited financial statements, which show it achieved its best ever results with pre-tax profit exceeding VND13 trillion (US$524 million), an increase of 26.8 per cent, further consolidating its rapid and steady growth.