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Strengthening economic and trade cooperation with Indonesia and Myanmar PDF Print
Sunday, 03 September 2017 14:51

VIETRADE - Indonesia and Myanmar are potential markets for Vietnamese exports. Over the years, Vietnam's exports to these countries have achieved remarkable results. Vietnam is actively promoting economic, trade and investment cooperation with Indonesia and Myanmar.

 

Promote relations with Indonesia

At the talk between General Secretary Nguyen Phu Trong and Indonesian President Joko Widodo, within the framework of the official visit by H.E. Nguyen Phu Trong to Indonesia from 22nd to 24th August 2017, the two sides emphasized the need to strongly promote economic, trade and investment cooperation - a very important pillar to achieve a new development level that was commensurate with the potentials and the strategic partnership between the two countries.

 

General Secretary Nguyen Phu Trong and President Joko Widodo affirmed that the two sides would strive to raise two-way trade revenue between Vietnam and Indonesia to US$10 billion, encourage and create favorable environment for businesses of the two countries to find opportunities to cooperate and invest in each other's market.

 

Also in the context of this visit to Indonesia by General Secretary Nguyen Phu Trong, Vietnam and Indonesia signed many cooperation documents, including a MoU on cooperation in gas use in border areas, and another on cooperation in the coal industry between the Ministry of Industry and Trade of Vietnam and the Ministry of Energy and Mineral Resources of Indonesia.

 

Earlier, at the meeting of the Vietnam-Indonesia Joint Committee on Economic, Science and Technology Cooperation, under the co-chairmanship of the Minister of Industry and Trade of Vietnam Tran Tuan Anh and the Minister of Commerce of Indonesia Enggartiasto Lukita, held in Hanoi in early August 2017, the two sides exchanged, discussed and agreed on specific measures to further promote trade cooperation between the two nations.

 

In order to boost relations between the two countries, including economic and trade relations, the two sides agreed to further strengthen the exchange of delegations at all levels, actively exchange information, share experiences of management and development, and consider the development of new collaborative frameworks in different areas. The two sides agreed to encourage and promote the link between the private sectors of the two countries to further promote the potential of cooperation between Vietnam and Indonesia.

 

According to the statistics of World Bank, Indonesia is the 16th largest economy in the world. The Asia-Pacific Market Department (MoIT) also said that Indonesia is the largest market in the Southeast Asia. In the current context of numerous difficulties and complicated developments in the world and regional economy, the trade exchange between Vietnam and Indonesia has made encouraging progress. Especially since becoming each other’s strategic partner (2013), the two-way trade revenue between the two countries has kept increasing. Indonesia is currently Vietnam's fourth largest trading partner in ASEAN.

 

Statistics from the General Department of Vietnam Customs show that our total export revenue to Indonesia reached over US$1.63 billion in the first 7 months of this year, up 10.3% over the same period last year.

 

Of the 32 categories of Vietnamese goods exported to Indonesia in the first seven months of this year, those ranking at the top were still telephones and components, with the export revenue reaching US$358.3 million, up 19.9% compared to the same period last year. Iron and steel of all kinds were at the second place with the export revenue reaching US$222.1 million, up 27.1% over the same period last year. Machinery, equipment, tools and other spare parts ranked the third with the export revenue of US$ 136.1 million, up 18% over the same period last year.

 

These were followed by computers, electronic products and components with the export revenue of US$127.8 million in January – July 2017, an increase of 78.7%; raw materials and auxiliary materials for textiles, garments, leather, and footwear US$108.1 million, up 13.4%; textiles and garments US$75.1 million, up 19.4%; means of transport and spare parts US$70.6 million, up 8.39%; plastic raw materials US$60.1 million, up 49.3%; plastic products US$55 million, up 18.5%; iron and steel products US$31.3 million, up 38.1% compared to the same period of 2016.

 

Strengthen cooperation with Myanmar

At the talk between General Secretary Nguyen Phu Trong and Myanmar President Htin Kyaw, within the framework of the State visit to Myanmar by General Secretary Nguyen Phu Trong from 24th to 26th August 2017, the two leaders agreed to establish the framework of the "Comprehensive Cooperation Partnership" between Vietnam and Myanmar.

 

The two leaders expressed their joy at the results of the cooperation between the two countries over the past time, including economic and trade cooperation. Bilateral trade between Vietnam and Myanmar has grown sharply with the revenue reaching US$548.3 million in 2016, surpassing the US$ 500 million target set by the two countries. Vietnam has emerged as the 9th largest trading partner and the 7th largest foreign investor of Myanmar.

 

In order to further promote the achievements, the two leaders said that Vietnam and Myanmar should actively support each other to organize trade and investment promotion activities, facilitate trade and investment to increase commercial value. The two sides should also focus on cooperation in bridging and pioneering areas such as banking, finance, aviation, telecommunication and other strong areas with complementary elements such as mineral industry, agriculture, forestry, fisheries, tourism, consumer goods, etc.

 

Also within the framework of the visit, Vietnam and Myanmar signed many cooperation documents, including a MoU on trade cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Commerce of Myanmar.

 

According to the Asia-Africa Market Department, Vietnam is one of the countries initiating the earliest trade promotion activities in Myanmar. Recently, trade promotion activities in Myanmar have been regularly held by the Ministry of Industry and Trade and local authorities, aiming to promote Vietnam's exports to this potential market.



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