Half of Vietnam's coal imports come from Indonesia
The business forum is an effort of the Indonesian embassy in Hanoi to promote trade between Vietnam and Indonesia in line with the target of reaching the two-way trade turnover of US$10 billion by 2020.
In 2018, the total amount coal imported by Vietnam was 22.86 million, of which around 50% came from Indonesia with an amount of 11.16 million tons, said Indonesian Ambassador to Vietnam Ibnu Hadi at the business forum themed “Indonesia – Vietnam Potential in Coal Trading” on May 3 in Hanoi.
Accordingly, trade between Indonesia and Vietnam has increased significantly since the signing of the Strategic Partnership Agreement in 2013. Bilateral trade has increased strongly, reaching US$8.6 billion in 2018. The two countries have committed to increase the figure to US$10 billion by 2020.
Ibnu Hadi said that presently one of the strongest commodities from Indonesia to Vietnam is coal. In the first three months of 2019, Vietnam imported a total of 9.38 million tons of coal, an increase of 249% compared to the same period last year, in which 3.72 million tons came from Indonesia, representing an increase of 185% year-on-year.
During the forum, more than 40 Indonesian and Vietnamese coal associations and companies discussed the potential of coal trading between two countries.
In recent years, coal imports into Vietnam have increased due to the rising demand from thermal power plants. Indonesia is one of the largest coal exporters to Vietnam.
In 2017, PT Intra Asia Indonesia signed a memorandum of understanding with Hong Phat Coal and Resources Company in connection with its plan to develop a coal port in southern Vietnam.
The port has a designed capacity of 15 - 20 million tons of coal per year and would cut logistics costs for coal imports from Indonesia by a significant margin.
A view of the business forum.
|
Ibnu Hadi said that presently one of the strongest commodities from Indonesia to Vietnam is coal. In the first three months of 2019, Vietnam imported a total of 9.38 million tons of coal, an increase of 249% compared to the same period last year, in which 3.72 million tons came from Indonesia, representing an increase of 185% year-on-year.
During the forum, more than 40 Indonesian and Vietnamese coal associations and companies discussed the potential of coal trading between two countries.
In recent years, coal imports into Vietnam have increased due to the rising demand from thermal power plants. Indonesia is one of the largest coal exporters to Vietnam.
In 2017, PT Intra Asia Indonesia signed a memorandum of understanding with Hong Phat Coal and Resources Company in connection with its plan to develop a coal port in southern Vietnam.
The port has a designed capacity of 15 - 20 million tons of coal per year and would cut logistics costs for coal imports from Indonesia by a significant margin.
16:32, 2024/04/04
Vietnam among top investment destinations for SEA investors
The top three neighboring countries whose companies are eager to expand their operations in Vietnam are Thailand (66%), Malaysia (58%), and Indonesia (55%).
15:21, 2024/03/08
Vietnam looks to support FDI firms as global minimum tax looms
The move is aimed at attracting foreign capital from future investors and protecting existing businesses.
19:45, 2024/03/06
Factors unlocking Vietnam’s potential in FDI attraction: HSBC
The strategy to attract more FDI should begin with understanding and assessing the competitive landscape between Vietnam and other Southeast Asian countries.
15:17, 2024/03/04
Opportunity at hand: Leveraging global minimum tax for FDI attraction
2024 is a pivotal year, opening up new opportunities for Vietnam to attract high-quality foreign investment.
13:36, 2024/02/21
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
12:44, 2024/01/19
Vietnam: Leading destination for sustainable investment
Vietnam promised to balance the interests of the government, the general public, and businesses while sharing risks to ensure the legitimate rights of investors.
- Vietnam targets to draw investment in hi-tech industries: Prime Minister
- Vietnam could see strong US investment following upgraded bilateral status: HSBC
- High value investment takes Vietnam to the next level of qualitative growth: HSBC
- The significance of Vietnam for US businesses and why they should take notice: Standard Chartered
- Vietnam well positioned as FDI destination: Experts
- Vietnam a focus of intra-Asian investors: HSBC