Indonesia, Vietnam to set new trade value target, EEZ negotiations

Indonesia, Vietnam to set new trade value target, EEZ negotiations
Indonesian President Joko Widodo received an honorary visit of Vietnamese Foreign Minister Bui Thanh Son, and the latter’s delegation at the Merdeka Palace in Jakarta on Wednesday (July 20, 2022). (The Indonesian Presidential Secretariat)
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The Indonesian and Vietnamese foreign ministers will discuss efforts to explore a new trade target of 15 billion U.S. dollars by 2028.

 

Jakarta (Indonesia Window) – Indonesian President Joko Widodo (Jokowi) received an honorary visit of Vietnamese Foreign Minister Bui Thanh Son, and the latter’s delegation at the Merdeka Palace here on Wednesday.

During the meeting, the head of state gave three directions to Indonesian Foreign Minister Retno Marsudi who would hold a commission meeting with her Vietnamese counterpart.

“First in the trade sector. If you look at the trend, trade between the two countries continues to increase,” Foreign Minister Retno said in a press statement after accompanying President Jokowi.

Foreign Minister Retno said the bilateral trade target of 10 billion U.S. dollars has been exceeded. “Therefore, the President said it was important for both countries to set new targets for the next few years. We will discuss this later at the meeting of the two foreign ministers,” she said.

In the investment sector, according to Retno, the value of Indonesia’s investment in Vietnam has reached more than 600 million U.S. dollars.

To the Vietnamese foreign minister, President Jokowi also hoped that Indonesian investors would get fair treatment.

The value of bilateral trade between Indonesia and Vietnam in 2021 reached 11.5 billion U.S. dollars, or has exceeded the 10 billion U.S. dollars target set by the two countries.

Following this achievement, the Indonesian and Vietnamese foreign ministers discussed efforts to explore a new trade target of 15 billion U.S. dollars by 2028.

“By creating conducive conditions for investors, of course, the investment of both parties will continue to increase,” Retno noted.

Regarding the exclusive economic zone (EEZ) boundary between the two countries, the head of state conveyed the importance of the technical team of negotiators to speed up negotiations so that this issue can be resolved immediately.

Meanwhile, the Vietnamese foreign minister, among others, expressed his appreciation and congratulations to Indonesia in overcoming COVID-19.

In addition, Bui Thanh Son also praised Indonesia’s presidency at the G20 and Indonesia’s chairmanship of ASEAN in 2023.

Reporting by Indonesia Window

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