Indonesia Eyes Trade Worth US$10 Billion with Vietnam

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation     Date 12 September 2018
Category: News
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President Jokowi and Vietnamese President witnessing MoU signing at Vietnam Presidential Palace, Hanoi, Tuesday (9/11) (Photo: BPMI)

President Jokowi and Vietnamese President witnessing MoU signing at Vietnam Presidential Palace, Hanoi, Tuesday (9/11) (Photo: BPMI)

Indonesia and Vietnam are committed to intensifying bilateral cooperation in trade sector.

Both countries have lately developed a solid cooperation in the trade sector and will continue to tap and develop potentials that the two countries have.

The statement was made by President Joko Widodo in a joint press conference with his Vietnamese counterpart President Tr?n ??i Quang at Vietnam Presidential Palace, Hanoi, Tuesday (9/11).

“In the past three years, the trend in trade (between Indonesia and Vietnam) has been positive, reaching US$ 6.8 billion. We hope that trade between the two countries can reach to US$10 billion in 2020.” the President said.

One of the measures that both countries will take, according to President Jokowi, is to eliminate existing trade barriers including exports of Indonesia’s automotive products.

“I have requested to President Tr?n ??i Quang to eliminate trade barrier, including Indonesia’s automotive products,” he said.

President Jokowi also said that Indonesian investors wish to make more investments in Vietnam and said that Indonesian Investors are one of the oldest and first investors in Vietnam.

“That is why, I applaud President Tr?n ??i Quang to protect Indonesian investors and give them a good and fair treatment,” the president concluded.

Furthermore, Indonesia and Vietnam will also explore potentials in other sectors and agreed to cooperate in eradicating illegal fishing in territories of the two countries.

“That is why; we have signed a joint communiqué on IUU (illegal, unreported, and unregulated). This is very important,” said the President.

Presiden Joko Widodo and President Tr?n ??i Quang also have also agreed to intensify both nations Economy Exclusive Zone (ZEE) settlement.

Regarding the issue of South China Sea, President Joko Widodo appreciated the code of conduct of the negotiation progress. “I appreciate the progress that has been made in the code of conduct negotiations. However, this will be a big contribution in ensuring South China sea to be a safe, fair, and peaceful region,” the President implied.

For the record, both leaders previously held a bilateral meeting attended by several ministers from both counteries. In addition, both countries also signed 2 Memorandum of Understanding (MoU) witnessed by President Joko Widodo and President Tr?n ??i Quang.

The two MoUs are on Strategic Cooperation Actions between Indonesia-Vietnam from 2019-2023 signed by the Indonesian and Vietnamese Minister of Foreign Affairs and also on eradicating illegal fishing and promoting sustainable fishery governance signed by Indonesian Minister of Foreign Affair and Vietnamese Minister of Agriculture and Villages.

Also attending this bilateral meeting are Coordinating Minister of Political, legal and Security Affairs Wiranto, Minister of Foreign Affairs Retno Marsudi, Minister of Industry Airlangga Hartanto, Chairman of the Investment Coordinating Board (BKPM) Thomas Lembong, Cabinet Secretary Pramono Anung, and also Indonesian Ambassador to Vietnam Ibnu Hadi. (BPMI/EN) (HYP/EP/Naster)

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