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Jun 23, 2021 / 11:45

Vietnam, Indonesia to boost cooperation in key industrial sectors

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.