Indonesia and Vietnam Agree to Target US$15 Billion in Trade by 2028

The Indonesian and Vietnamese governments have agreed to target US$15 billion in bilateral trade by 2028. This follows Indonesia's successful surpassing of the US$10 billion trade target with Vietnam last year.

This plan was discussed during a meeting between Indonesian Foreign Minister Retno Marsudi and Vietnamese Foreign Minister Bui Thanh Son in Jakarta on Wednesday, July 20, 2022.

Both countries also agreed to continue the Indonesia-Vietnam Joint Commission for Bilateral Cooperation (JCBC), accelerating the finalization of the 2024-2028 Plan of Action to guide future bilateral cooperation.

According to the Ministry of Trade, total Indonesia-Vietnam trade grew by 37.07% to US$11.06 billion in 2021 compared to the previous year.

Specifically, Indonesian exports to Vietnam reached US$6.85 billion last year, while imports from Vietnam amounted to US$4.21 billion. This resulted in a trade surplus for Indonesia of US$2.64 billion.

Total Indonesia-Vietnam trade shows an upward trend. Similarly, Indonesia's trade balance with Vietnam has also improved over the past five years, as shown in the graph.

Beyond trade, the two countries also discussed cooperation in investment, defense, and security.