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February 24, 2025 | 10:39 pm
TEMPO.CO, Jakarta - The Indonesia-Vietnam Friendship Association (IVFA) revealed that the bilateral trade turnover between the two countries surpassed US$16 billion, or Rp260.4 trillion, increasing by almost 16 percent from the previous year.
According to IVFA records, this figure not only puts Indonesia on track to achieve the targeted US$18 billion trade volume by 2028, but also demonstrates its potential to achieve this in a shorter time.
IVFA also hailed 2024 as a significant milestone for Vietnam's foreign investment in Indonesia, amounting to US$41.81 million. The largest contribution came from the VinFast electric vehicle ecosystem.
"This investment was marked by the inauguration of a factory in Subang in July and the launch of the Xanh SM electric taxi service in December last year," said IVFA's official statement on Monday, February 24, 2025.
The IVFA Special Gathering 2025 also highlighted other developing areas of cooperation, such as artificial intelligence (AI), digital economy, green energy, electric vehicle ecosystems, and initiatives within the Just Energy Transition Partnership (JETP) framework.
In addition, there was an added focus on other sectors, including the development of the halal industry, food security, rice trade agreements, education, and maritime cooperation.
This year, Indonesia and Vietnam are celebrating the 70th anniversary of diplomatic relations. The official partnership between the two countries was established on December 30, 1955, initiated by two visionary leaders, President Ho Chi Minh and President Soekarno.
This partnership was then elevated to a strategic partnership in 2013, which has driven comprehensive growth in various sectors.
According to IVFA records, several significant achievements have solidified this bilateral relationship, including state visits by President Joko Widodo in 2018 and 2024.
Conversely, the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong, paid a visit to Indonesia in 2017, and Prime Minister Pham Minh Chinh visited Indonesia in 2021.
Editor’s Choice: Vietnam Tourism Recovery Highest in Southeast Asia
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