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Indonesia and Vietnam Discuss Increasing Investment and Trade Cooperation


West Manggarai – On the sidelines of the 42nd ASEAN Summit, Indonesian President Joko Widodo held a bilateral meeting with Vietnamese Prime Minister (PM) Pham Minh Chinh, at the Meruorah Hotel, Labuan Bajo, East Nusa Tenggara, Tuesday ( 9/5) afternoon.

During the meeting, President Jokowi and PM Chinh were accompanied by a number of their respective delegates to discuss the potential for cooperation between the two countries. Among them related to increasing cooperation in the trade sector, Indonesia-Vietnam agreed to meet the target of USD 15 billion in 2028.

“The two leaders discussed efforts to meet the trade target of USD 15 billion for 2028,” said Minister of Foreign Affairs (Menlu) Retno Marsudi, on the Presidential Secretariat’s YouTube account after accompanying Jokowi in the meeting.

Retno explained that the two leaders also agreed to immediately negotiate a bilateral investment treaty between Indonesia and Vietnam in line with increased investment from both parties.

“The two leaders also agreed to increase cooperation in the field of new and renewable energy (EBT),” continued Minister Retno.

Meanwhile, on other issues, President Jokowi and PM Pham Minh Chinh also agreed to immediately complete the implementation arrangements and the ratification process related to the completion of the Exclusive Economic Zone (EEZ) negotiations between the two countries.

“Regarding the signing or completion of the Indonesia and Vietnam EEZ negotiations that have already been signed, the two leaders agreed that the implementing arrangement and ratification process could be completed immediately. Apart from that, the President also said that the MoU regarding maritime affairs and fisheries can be completed soon,” concluded Retno.

Previously, Indonesia-Vietnam had signed three memorandums of understanding (MoU) when President Jokowi received a state visit by Vietnamese President Nguyen Xuan Phuc at the Bogor Presidential Palace, West Java, on December 22, 2022.

The MoU covers cooperation in combating terrorism, eradicating illicit trade in narcotics, psychotropic substances and their precursors, as well as cooperation in the energy and mineral resources sector.

In addition to these three collaborations, Jokowi also hopes to finalize the Indonesia-Vietnam cooperation in the fisheries sector and eradicate illegal fishing practices. [*]

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