Việt Nam and Indonesia are witnessing positive growth in business relations, with significant potential for collaboration across sectors, particularly in high-tech industries, agriculture, and fisheries. – VNS Phot Hồng Linh

HCM CITY – Việt Nam and Indonesia are witnessing positive growth in business relations, with significant potential for collaboration across sectors, particularly in high-tech industries, agriculture, and fisheries.

A forum, co-organised by the Consulate General of Indonesia in HCM City and the Việt Nam Chamber of Commerce and Industry – HCM City Branch (VCCI-HCM) on September 26, aimed to enhance and promote business cooperation between Indonesia and Việt Nam, particularly for SMEs.

Consul General of Indonesia in HCM City Agustaviano Sofjan highlighted the potential for collaboration between Việt Nam and Indonesia across various fields.

Through close cooperation, he believes that businesses can thrive together and contribute to the prosperity of both nations.

Deputy director of VCCI-HCM, Nguyễn Hữu Nam, said Indonesia is Việt Nam’s third-largest trade partner in ASEAN, while Việt Nam ranks as the fourth-largest trade partner of Indonesia.

In the first two quarters of 2024, bilateral trade volume between Việt Nam and Indonesia reached over US$7.76 billion, an increase of 15 percent compared to the same period last year.

Việt Nam exports electronics, machinery, textiles, footwear, and seafood to Indonesia, with electronic products and components leading in export value.

In addition, according to a representative from VASEP, Việt Nam and Indonesia have significant potential for developing the fishery sector, as both countries share similar interests and have numerous advantages in this area.

Products imported by Việt Nam from Indonesia include various types of coal, steel, vegetable oils, automobiles, common metals, and chemical products.

In June 2024, Indonesia ranked 30th out of 146 countries and territories investing in Việt Nam, with 115 projects and total registered capital exceeding $662 million.

Currently, several Vietnamese businesses, including VinGroup and Điện Máy Xanh, have invested in Indonesia.

In 2023, Việt Nam experienced a trade deficit with Indonesia, importing $9 billion while exports were just over $5 billion, indicating a slight imbalance in trade.

Both sides plan to build an Action Programme for 2024-2028, aiming to increase bilateral trade to $18 billion by 2028 through trade promotion and reducing market barriers.

Experts also introduced the Trade Expo Indonesia, the country’s largest annual international trade exhibition, showcasing sectors and products, with a focus on B2B connections between Indonesian businesses and foreign partners. – VNS