Unlocking Trade Potential: Vietnam and Indonesia Aim for $18 Billion in Bilateral Trade

Prime Minister Pham Minh Chinh and Indonesian President-elect Prabowo Subianto agreed to work together to overcome challenges and reduce trade barriers, thereby facilitating trade promotion activities.

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Prime Minister Pham Minh Chinh meets with Indonesian President-elect Prabowo Subianto.
Prime Minister Pham Minh Chinh meets with Indonesian President-elect Prabowo Subianto. (Photo: Dương Giang / VNEWS)

On the morning of September 14, at the Government Office, Prime Minister Pham Minh Chinh received Indonesian President-elect Prabowo Subianto, who was on a working visit to Vietnam. He proposed that Indonesia soon sign a rice trade agreement, facilitate agricultural and Halal products of Vietnam to enter the Indonesian market, and support Vietnam in removing the IUU yellow card.

Prime Minister Pham Minh Chinh congratulated Mr. Prabowo Subianto on his election as President of Indonesia for the term 2024-2029 with a high vote of confidence; welcomed the President-elect’s visit to Vietnam in the context of the two countries’ 10th anniversary of establishing a Strategic Partnership and looking forward to the 70th anniversary of establishing diplomatic relations (1955-2025).

The visit also demonstrates the close and trusted relationship between the two countries and their determination to promote sustainable development, peace, stability, and mutual prosperity.

In addition, the Prime Minister congratulated Indonesia on its 79th National Day and on becoming the largest economy in Southeast Asia and the 16th in the world, with social security well ensured. He expressed his belief that the Government and people of Indonesia will continue to achieve even more significant achievements in nation-building and development and reach their goal of becoming a developed country by their 100th anniversary of independence (2045), with an increasingly enhanced role and position in the region and internationally.

Prime Minister Pham Minh Chinh meets with Indonesian President-elect Prabowo Subianto.
Prime Minister Pham Minh Chinh meets with Indonesian President-elect Prabowo Subianto. (Photo: Dương Giang / VNEWS)

The Indonesian President-elect congratulated Vietnam on its National Day and sent his deep condolences for the severe losses caused by Storm Yagi. He expressed his admiration for the indomitable and resilient spirit of the Vietnamese people in their struggle for national independence and in the cause of national construction and development. He affirmed his high regard for the relationship with Vietnam and his commitment to further strengthening the traditional friendship and Strategic Partnership between the two countries in various fields.

The two leaders agreed that, for almost seven decades, the relationship between the two countries, founded by President Ho Chi Minh and President Sukarno, has been growing strongly and extensively, especially after the upgrade to a Strategic Partnership in 2013. There has been deeper understanding and political trust, along with more comprehensive and effective cooperation in various fields. Both sides actively coordinate and support each other in multilateral mechanisms (the United Nations, ASEAN, the Non-Aligned Movement, etc.)

They agreed on several major orientations to tap into the potential for cooperation in various fields, bringing the Strategic Partnership to a new height, with new substance, especially on the occasion of the 70th anniversary of diplomatic relations and the 80th anniversary of National Day of both countries.

The two sides agreed to continue enhancing exchanges and contacts at all levels and channels (Party, State, Government, and people-to-people), effectively implementing bilateral cooperation mechanisms to strengthen trust and help solve difficulties in various fields.

They believed that the two countries would soon achieve the goal of 18 billion USD in two-way trade value and agreed to coordinate to remove trade barriers and facilitate trade promotion activities and market access for each other’s goods, including agricultural and Halal products.

Prime Minister Pham Minh Chinh affirmed that Vietnam is ready to cooperate and support Indonesia in ensuring food security. He proposed that Indonesia soon sign a rice trade agreement, facilitate agricultural and Halal products of Vietnam to enter the Indonesian market, and support Vietnam in removing the IUU yellow card in the seafood sector.

Prime Minister Pham Minh Chinh at the meeting with Indonesian President-elect Prabowo Subianto.
Prime Minister Pham Minh Chinh at the meeting with Indonesian President-elect Prabowo Subianto. (Photo: Dương Giang / VNEWS)

The Indonesian President-elect expressed his hope to promote cooperation with Vietnam in food security, energy security, and high technology and wished for Vietnam to share its agricultural development experience.

The two sides agreed to encourage and facilitate businesses from both countries to invest in each other’s markets, especially in new fields such as the digital economy, green economy, energy transition, and the development of the electric vehicle ecosystem. They also agreed to promote the early signing of a cooperation document on training in technology and the digital economy.

The two leaders also agreed to deepen cooperation in other important fields such as defense and security, maritime cooperation, fisheries cooperation, and the development of a digital partnership, including cross-border e-commerce, digital transformation, prevention of transnational crimes and cybercrimes, and support for information technology enterprises. They also agreed to enhance cultural exchanges, people-to-people exchanges, air connectivity, and local connections.

Indonesian President-elect Prabowo Subianto at the meeting with Prime Minister Pham Minh Chinh.
Indonesian President-elect Prabowo Subianto at the meeting with Prime Minister Pham Minh Chinh. (Photo: Dương Giang / VNEWS)

The two leaders also exchanged views on regional and international issues of shared concern. They agreed to strengthen cooperation, consolidate ASEAN solidarity, and promote the central role and common voice of ASEAN in regional security issues, including the issue of the South China Sea. They also agreed to promote sustainable and inclusive development in the sub-regions, including the Mekong sub-region.

Prime Minister Pham Minh Chinh proposed that Indonesia continue to closely coordinate with Vietnam to maintain ASEAN unity, common stance, and achievements on the South China Sea issue and promote substantive and effective COC negotiations in accordance with international law, especially UNCLOS 1982.

On this occasion, Prime Minister Pham Minh Chinh invited Indonesia to attend and send a high-level representative to the ASEAN Future Forum 2025 and the P4G Summit to be held in Vietnam in 2025. He also requested Indonesia’s support for these events.

Pham Tiep

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