Vietnam-Indonesia Business Trade Workshop in Jakarta (Photo: VOV)

As of November, Indonesia's capital investment in Vietnam totaled 651 million USD, with 120 effective projects, ranking it 29th out of 143 countries and territories investing in Vietnam. Many Indonesian companies are operating successfully in Vietnam, including Ciputra, Traveloka, Gojek, PT Vietmindo Energitama, Jafpa Comfeed Vietnam, and the Semen Indonesia Group.

Managing Director of the Ciputra Group Mr. Budiarsa Sastrawinata sees a great potential for investing in Vietnam because Vietnam has a large population, stable economic growth, and one of the fastest-growing economies in ASEAN. Mr. Sastrawinata said Ciputra is considering expanding its investment in Vietnam.

Vietnam and Indonesia saw their bilateral trade turnover increase from 8.2 billion USD in 2020 to 14 billion USD in 2022. Last year Indonesia became Vietnam’s 3rd-largest export market and 2nd-largest import market in Southeast Asia.

Vietnamese and Indonesian leaders aim to raise bilateral trade to 15 billion USD by 2028. Vice Chairwoman of the Indonesian Chamber of Commerce and Industry Shinta Widjaja Kamdani, said this goal is completely feasible because the two sides still have a lot of room for further trade and investment cooperation.

“There’s definitely much work to be done to optimize that number, especially as we are both members of ASEAN. We see investment the same. I think the number is still very small,” said Shinta Widjaja Kamdani.

Former Chairman of the Indonesian Chamber of Commerce and Industry M. Arsjad Rasjid (Photo: VOV)

To increase two-way trade, Indonesia and Vietnam are coordinating to organize the 8th Joint Economic and Trade Committee to work out cooperation measures. The two countries are also promoting cooperative research in new fields like energy conversion, carbon storage, renewable energy development, and green energy.

Former Chairman of the Indonesian Chamber of Commerce and Industry M. Arsjad Rasjid, says Vietnam and Indonesia see a potential for cooperation, especially in green energy and electric vehicles.

He said: “I understand that Vietnam is also building electric vehicles. Why don’t we work together to create a synergy on batteries and other components. Indonesia has a lot of fields that can be used. Why not? We believe there is a potential for synthesis within ASEAN that will make ASEAN stronger.”