Vietnam and Indonesia will achieve the two-way trade target of 10 billion USD by 2023, said the newly arrived Consul General of the Republic of Indonesia in HCMC in the webinar Indonesia – Vietnam Business Opportunities to Accelerate Economic Recovery.
The webinar was organized by the Consulate General of the Republic of Indonesia in HCMC on 24 November. In the event, Ms Bui Thi Thanh An – Deputy Director General of VIETRADE, Ministry of Industry and Trade Vietnam – addressed that Indonesia is Vietnam’s third largest partner among ASEAN. In 2020, import export turnover between the two countries declined by 9.7% compared to 2019. However, the turnover number has been back on track in 2021, reaching 9.2 billion USD until October 2021, an increase of 41.92% over the same period in 2020.
Coal, animal, vegetable fats, oil, automobiles and steels are at the top of the products from Indonesia that Vietnam imports. Export product groups with highest revenue in the Indonesian market included computers, electronic devices, steel, textiles, plastic materials and cell phones.
Dr. Miftah Farid – Deputy Director at Domestic Trade Research Center, Ministry of Trade Indonesia – revealed the total trade between the two countries in 2020 was 8.07 billions USD. This was the impact of Covid-19 that the two countries will need to work together to boost the trade and the investment relations to accelerate economic recovery.
In the event, Mr Agustaviano Sofjan – the Consul General of the Republic of Indonesia in HCMC – committed to promote opportunities, strengthen cooperation and connect people between the two countries to boost the relations post pandemic. He thought arriving in the city when business reopened was an opportunity for him to make it happen.
“I have seen a lot of opportunities for Indonesian businesses to invest and potential for them to grow. That will bring mutual benefit for Vietnam and Indonesia economies. Together with the Embassy of Indonesia in Hanoi, the Consulate General in HCMC will undertake the role to identify these business opportunities and support efforts to mitigate economic impacts due to the pandemic. We started to publish the monthly publication “Xin chào – Apa kabar” newsletter to update the business activities and insight analytics for the Vietnam and Indonesia business communities.”, said Mr. Sofjan.
The event also introduced the 3 business models from Indonesia that successfully grew during the pandemic in Vietnam including Villa Sông Saigon, Vindo and We Link. The webinar also connects business to business, people to people, building networks for collaboration, information sharing and building capacities on best practices.