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Vietnam-Indonesia trade targets US$10 billion in 2020 PDF Print
Monday, 25 September 2017 14:10

VIETRADE – Bilateral commercial relations between Vietnam and Indonesia have developed significantly over past years. Two-way trade is expected to reach US$6.8-US$7 billion in the whole year of 2017 and US$10 billion in 2020.


At present, Indonesia is one of Vietnam’s important trade partner in the Association of Southeast Asian Nations (ASEAN), with bilateral trade accounting for 13.5% of total foreign trade between Vietnam and ASEAN countries, according to the General Department of Vietnam Customs.


Two-way trade expanding from US$4.6 billion in 2012 to US$5.6 billion in 2016, and an annual average growth rate of about 5%. Of 2016’s figure, Vietnam’s exports contributed to US$2.6 billion while its imports hit $3 billion.


In the first seven months of 2017, bilateral trade experienced a year-on-year rise of 4% to US$3.64 billion, the department’s latest report revealed.  


During the reviewed period, Vietnam’s exports to Indonesia topped US$1.63 billion, up 10.3% year-on-year. In the period, Vietnam spent US$2 billion on buying goods from Indonesia, 37.4% higher than last year’s corresponding period. This led to a January-July trade deficit of US$370 million.


According to the data, telephones and components recorded the highest turnover among Vietnam’s export items to Indonesia with US$358 million, accounting for nearly 22% of the total value.


Other groups of products with export value exceeding US$100 million included steel and iron (US$222 million); machine and equipment (US$136 million); computer, electronics and components (US$128 million) and raw materials for textile and garment (US$108 million).


In seven-month period, Vietnam also shipped several farm produce to Indonesia such as 15,300 tons of rice, earning US$5.35 million; 5,100 tons of coffee, worth US$13.5 million; 5.5 million tons of tea, value at US$4.76 million and US$3 million worth of vegetables and fruits.


Customs statistics also showed that in January-July, Vietnam imported 12,600 completely-built-up (CBU) autos, value at US$222 million from Indonesia, accounting for over 11% of total imports.


Other imports from the market included coal with a turnover of US$193 million; metal (US$138 million); machine and equipment (US$113 million); chemical (US$112 million) and paper (US$111 million).


Beside to trade, bilateral collaboration in other fields like agriculture, investment, finance, banking and transport has also made new progresses, analysts have said.


Indonesia invested US$26.44 million into 14 new and existing projects in Vietnam in the first eight months of this year, said the Ministry of Planning and Investment’s Foreign Investment Agency.


The latest addition has brought the Indonesian total investment in Vietnam up to US$440 million to date, ranking 30th among 122 countries and territories investing in the country.


Trade experts agreed that increasing the exchange of information and investment promotions and speeding up connectivity among two business communities are necessary tasks in order to strengthen economic co-operation between Vietnam and Indonesia, especially as the ASEAN Economic Community has been formed./.

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