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Indonesia, Vietnam eye USD18bn trade target by 2028

Vietnamese Prime Minister Pham Minh Chinh and Indonesian President Joko Widodo co-chaired a high-level business dialogue in Hanoi, emphasising the growth of economic and trade ties. Two-way trade reached USD13bn in the first 11 months of 2023, with ambitions to increase to USD15bn soon and USD18bn by 2028. Widodo highlighted opportunities in carbon trading and the electric vehicle (EV) industry, inviting Vietnamese investment in Indonesia’s new capital city across various sectors. Chinh encouraged enterprises to enhance cooperation and investment, acknowledging that economic collaboration lags behind the countries’ political ties and potential. He emphasised Vietnam’s focus on emerging sectors and its welcoming environment for Indonesian businesses, including participation in Indonesian supply chains. The visit included a field trip to the VinFast EV manufacturing complex in Hai Phong.


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