This is among measures that should help strengthen bilateral trade relations during the Covid-19 pandemic.
Vietnam and Indonesia as two countries with economic potentials and large domestic markets should boost cooperation in key industrial sectors, including automobile, mechanics, chemicals, materials, and supporting industries.
Overview of the meeting. Photo: MoIT |
Minister of Industry and Trade Nguyen Hong Dien and Indonesian Ambassador to Vietnam Denny Abdi agreed on the view in a meeting on June 22 to discuss measures to enhance bilateral trade relations during the current Covid-19 pandemic.
Minister Dien proposed the soon organization of the Indonesia-Vietnam Joint Committee on Economic, Science, and Technology Cooperation, along with the signing and subsequent implementation of the memorandum of understanding in rice trading between two trade ministries.
Minister of Industry and Trade Nguyen Hong Dien at the meeting |
“Amid the Covid-19 pandemic, two sides should actively address trade barriers to facilitate the smooth operation of supply chains and movements of goods, while promoting bilateral trade cooperation in multilateral forums,” Dien continued.
Mentioning the Regional Comprehensive Economic Partnership (RCEP) as a major milestone for member countries in regional economic integration, Dien said Vietnam is proceeding with necessary legal procedures for the ratification of the deal in 2021.
“Vietnam looks forward to closely cooperating with Indonesia and ASEAN in putting the deal into practice and bringing benefits for two business communities and those in the RCEP,” he said.
Indonesian Ambassador to Vietnam Denny Abdi |
Indonesian Ambassador to Vietnam Denny Abdi said Vietnam and Indonesia are major partners of each other in the region and of the world, expressing his belief for a bright prospect in the bilateral relationship.
Abdi expressed his commitment to further trade and economic cooperation between the two, including the industrial sector.
The Ambassador suggested both countries could enhance cooperation in science, technology, training human resources, saying these are key to generate higher added value for products and services and eventually economic benefits.
During the 2013-2019 period, Vietnam-Indonesia trade turnover rose sharply from US$5 billion to US$9 billion. While the figure slightly went down in 2020 due to the pandemic, both countries witnessed a strong recovery in the first five months of this year to US$4.5 billion, a surge of 40% year-on-year.
Other News
- FDI in Vietnam on the rise in Q1
- Vietnam takes strong actions to attract semiconductor investment
- Vietnam's favorable factors hold promise for real estate growth
- US urged to recognize Vietnam as a market economy
- MICE tourism: Vietnam's lucrative “golden market” unveiled
- Vietnamese data center market to hit $1.26 billion by 2030
- Vietnam seeks IAEA assistance in training skilled workforce in nuclear energy industry
- Hanoi hosts National Quality Award 2024
- Foreign investors to develop $2 billion chip manufacturing project in Vietnam
- Vietnam receives US$51.5 million from World Bank for forest emission reduction
Trending
-
Hanoi, a city of music in the making
-
Vietnam urges respect for international law in East Sea
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise