Vietnam and Indonesia are working together to facilitate mutual investments, promoting business ventures in emerging sectors like artificial intelligence, digital economy, green economy, renewable energy, and electric vehicle ecosystem.

Prime Minister Pham Minh Chinh and Indonesia President Joko Widodo. Photos: Nhat Bac

The perspective was shared today [January 13] at the high-level Vietnam-Indonesia business dialogue, co-chaired by Prime Minister Pham Minh Chinh and Indonesian President Joko Widodo.

The two sides also agreed to expand collaboration under the framework of the Just Energy Transition Partnership (JETP), enhance cooperation in the field of halal, strengthen cooperation on food security, and promote the signing of a rice trade agreement.

During the dialogue, businesses from both sides expressed interest in the economic development policies of both countries, policy mechanisms, and solutions to boost investment cooperation in various economic sectors. Delegates also shared insights on current global development trends, new investments, upcoming investment directions, and proposed initiatives to enhance the effectiveness of collaboration, aiming for the mutual success of businesses in each country.

Addressing the dialogue, President Joko Widodo of Indonesia emphasized the shared vision of both Indonesia and Vietnam to become high-income countries by 2045. To achieve this vision, he highlighted the need for increased high-quality dialogue and cooperation between the two nations. President Widodo pointed out Indonesia's potential for development, including the establishment of a carbon trading platform and the promotion of the electric vehicle industry.

Widodo welcomed leading Vietnamese businesses and hoped that they would further collaborate and invest in Indonesia, particularly in realizing Indonesia's goals, such as investing in the country's new capital, Nusantara. Notably, he wished VinFast to expand its investment in the electric vehicle sector, Vietjet Air to launch more flights to Indonesian tourist destinations, Sovico Group to invest in tourism and real estate projects, and FPT Software to invest in technology. He also encouraged more Vietnamese investors to explore opportunities in Indonesia across sectors such as banking, finance, education, science and technology, and manufacturing.

Overview of the dialogue.

In response, Prime Minister Pham Minh Chinh shared President Widodo's vision and emphasized the significance of his visit to Vietnam. He encouraged businesses from both nations to actively seek opportunities, connect, and promote investments to quickly overcome challenges in the current complex and unpredictable global environment.

Chinh praised Indonesian businesses that have successfully invested in Vietnam and served as role models for economic cooperation. He expressed Vietnam's support for businesses investing in emerging sectors like the digital economy, green economy, circular economy, knowledge-based economy, and collaborative sectors where Indonesia has strengths, such as the halal food industry and agriculture.

Chinh also highlighted Vietnam's strengths in agriculture and the production of Halal food processing ingredients and invited  Indonesian businesses to cooperate, invest, and engage in halal food production in Vietnam. He also supported President Widodo's efforts to attract investment in Indonesia's new capital city and reiterated Vietnam's commitment to providing the best conditions for businesses, including policy transparency, streamlined infrastructure, and the development of a  skilled workforce.

The Vietnamese Government leader reassured that Vietnam will protect the legitimate interests of businesses, including those from Indonesia, in a spirit of harmonizing interests and sharing risks. He emphasized the government's commitment to listen and dialogue with businesses, to actively consider and promptly process their proposals, and to expect businesses to turn commitments into effective actions.

In the earlier meeting between the two leaders on January 12, both sides acknowledged that economic and trade cooperation is a bright spot in the bilateral relationship. Indonesia maintains its position as Vietnam's third-largest trading partner, while Vietnam stands as the fourth-largest trading partner of Indonesia within ASEAN, with a trade volume reaching nearly US$13 billion in the first 11 months of 2023. The two parties are committed to elevating bilateral trade to reach $15 billion at an earlier stage and aiming for a higher target of US$18 billion by the year 2028.