Improving efficiency of Vietnam – Indonesia investment promotion

The Indonesia bussinesses hope that Vietnam is likely to become a gateway for Indonesian investors to penetrate the markets of neighbouring countries like Laos and Cambodia, and Vietnam’s major trading partners such as the U.S., the EU and China.

The Vietnam - Indonesia Friendship Association and the Indonesian Embassy in Vietnam co-hosted a seminar on October 10^th.

Chairman of Vietnam - Indonesia Friendship Association Nguyen Dang Tien delivers his opening speech. (Photo: PM/VNF)

Addressing the seminar, Chairman of Vietnam - Indonesia Friendship Association Nguyen Dang Tien said Vietnam and Indonesia have witnessed positive developments in trade exchanges over the years. Bilateral trade increased from USD 4 billion in 2012 to USD 5.6 billion in 2016 with an annual average growth of 5 per cent.

Both countries agreed to boost all-round cooperation, striving to elevate two-way trade to USD 8 billion in 2018 aiming for the target of USD 10 billion.

Vietnam has run only 7 investment projects totally capitalized at USD 107 million in Indonesia while Indonesia poured USD 437 million in 59 projects in Vietnam.

In his speech, Indonesian Ambassador to Vietnam Ibnu Hadi affirmed that his nation attached great importance to Vietnam’s strategic position in strengthening economic cooperation, adding that Vietnam is likely to become a gateway for Indonesian investors to penetrate the markets of neighbouring countries like Laos and Cambodia, and Vietnam’s major trading partners such as the U.S., the EU and China.

Ambassador Hadi said Indonesia’s key exports to Vietnam are coal, automobiles, metal, chemicals, paper, and machinery, noting that Indonesia’s investment in Vietnam continues to perform below its potential.

Chairman of Vietnam - Indonesia Friendship Association Nguyen Dang Tien (R) shakes hands with Indonesian Ambassador to Vietnam Ibnu Hadi. (Photo: PM/VNF)

At the seminar, the Indonesian diplomat also shared information on aviation cooperation between the two nations, revealing that VietJet Air is set to open new direct air route between Ho Chi Minh City and Jakarta in December.

Representatives from the Hanoi People’s Committee, the Ministry of Industry and Trade and the Vietnam National Administration of Tourism also delivered reports on investment opportunities between Vietnam and Indonesia and put forth several suggestions to speed up the cooperation process./.

According to vietpeace.org.vn