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Vietnam, Indonesia to further promote business connections for mutual interests

Vietnam, Indonesia to further promote business connections for mutual interests

Sunday, January 14, 2024, 21:42 GMT+7
Vietnam, Indonesia to further promote business connections for mutual interests
Vietnam’s Prime Minister Pham Minh Chinh (L) and Indonesian President Joko Widodo are seen at a dialogue with businesses of both countries in Hanoi on January 13, ,2024. Photo: Hong Quang / Tuoi Tre

Vietnam’s Prime Minister Pham Minh Chinh and Indonesian President Joko Widodo have called on businesses of both countries to further their connection for mutual interests and contribute to realizing the two nations’ common goal of becoming high-income countries by 2045.

The two leaders delivered the same messages when co-chairing a dialogue with representatives of Vietnamese and Indonesian enterprises in Hanoi on Saturday, as part of President Widodo’s three-day visit to Vietnam starting on Thursday. 

Both the host and guest agreed that there remain a lot of potential areas for connection and cooperation between the two nations’ businesses for common benefits.

President Widodo affirmed that Vietnam and Indonesia have many significant similarities in their development goals, including the same objective to become high-income countries by 2045.

To make the vision come true, it is necessary to beef up dialogues as well as high-quality cooperation and connection between enterprises of the two countries, the leader stressed.

The Indonesian president has disclosed plans to bolster the development of the country's electric vehicle industry and expressed a desire for VinFast, a multinational automotive company established by Vietnam's prominent private conglomerate Vingroup, to consider investing in electric vehicle manufacturing in Indonesia.

Indonesia has outlined its ambitious plans to make 600,000 electric vehicles by 2030 and have two million such vehicles on the road by 2030, Widodo said.

He hoped that Vietnam’s budget carrier Vietjet would open more flights to Indonesian destinations and that Sovico Group – a Vietnamese multi-sector investment group – will invest in real estate and tourism projects in Indonesia.

In addition, he wanted FPT Software – Vietnam's leading information technology company – to engage in the development of Indonesia’s technology sector.

He also called on other Vietnamese companies to do business in his country in various fields including manufacturing, banking, finance, education, and science and technology. 

In particular, the Indonesian leader hoped Vietnamese investors would take part in large, long-term, and hallmark projects in Indonesia, such as its new capital project.

Prime Minister Chinh told his guest that although there has been significant progress in bilateral investment and trade relations in recent years, they have not yet reached a level commensurate with the stature of the relationship and the economic scale of the two sides.

“There is no reason for Vietnamese and Indonesian investors not to learn about or invest in each other,” Chinh said, adding that many Indonesian investors, including ‘unicorn’ firms, have been investing successfully in Vietnam.

In response to Widodo's proposal for Vietnamese firms to invest in Indonesia's new capital project, PM Chinh characterized it as a 'bold idea' and encouraged Vietnamese businesses to actively participate in this major project 'as soon as possible.'

Vietnam and Indonesia have great potential for development, with a combined population of nearly 400 million people, accounting for about two-thirds of the total population of ASEAN countries, the Vietnamese government chief said.

Highlighting Vietnam's strengths in agriculture and the availability of materials for producing Halal food ingredients, he expressed his hope that Indonesian businesses would consider coming to Vietnam for cooperation, investment, and the production of Halal food in accordance with Halal certification standards.

As the largest Muslim country in ASEAN and also the largest economy in the region, Indonesia is a potential market for businesses coming from Vietnam’s Halal food industry, Chinh commented.

Successfully entering the Halal market in Indonesia will be the key for Vietnamese companies to reach out to the global Halal market that is forecast to be worth up to US$10,000 billion by 2028, the premier said.

Since the establishment of diplomatic relations on December 30, 1955, Vietnam and Indonesia have witnessed the fruitful development of their bilateral ties over the past 69 years.

Both countries are eagerly anticipating the celebration of the 70th anniversary of their diplomatic relations next year.

In ASEAN, Indonesia is Vietnam’s third-largest trading partner and Vietnam ranks fourth among the top countries trading with Indonesia, with bilateral trade increasing to nearly $14 billion in 2023 from $9 billion in 2019.

During the talks between President Widodo and Vietnamese leaders, including PM Chinh, the two sides committed to enhancing two-way trade, aiming to reach $15 billion in the near future and targeting $18 billion by the year 2028.

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Vinh Tho - Duy Linh / Tuoi Tre News

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