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Indonesia, Vietnam to achieve $10 billion trade target by 2020: Envoy
Indonesia's ambassador to Vietnam has expressed confidence that trade between the two countries will reach US$10 billion by 2020.
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Indonesian President Joko Widodo (left) and his Vietnamese counterpart Tran Dai Quang shake hands following a signing ceremony at the Presidential Palace in Hanoi on Sept. 11, 2018. (Pool via Reuters/Bullit Marquez)
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ndonesian Ambassador to Vietnam Ibnu Hadi has expressed confidence that trade between Indonesia and Vietnam will reach US$10 billion by 2020.
"This year, I am optimistic that the trade value between Indonesia and Vietnam can reach around $9.6 billion to $9.8 billion. Therefore, [I believe] the target of $10 billion can be achieved by 2020," Ibnu said during a video teleconference in Jakarta last week.
The $10 billion target was set last year when President Joko “Jokowi” Widodo met Vietnamese President Vietnam Trần Đại Quang in Hanoi.
According to Ibnu, trade between the two countries reached $8.45 billion last year, up around 30 percent from the previous year.
Amid trade deficits with many other countries, Indonesia enjoyed a surplus in bilateral trade with Vietnam, he said. Indonesia-Vietnam trade in the first half of the year, for instance, had reached $4.26 billion, with a surplus of $1.04 billion for Indonesia.
Vietnam, however, remains Indonesia's serious competitor in terms of foreign direct investment (FDI) in Southeast Asia, with impressive growth in recent years, Ibnu said.
He cited Indonesian Embassy data that show Vietnam's FDI reached $18.47 billion in the first half of 2019, helping propel its gross domestic product (GDP) growth to 6.76 percent.
