Sat. Feb 24th, 2024

VN, Indonesia look at ways to exploit untapped potential

HA NOI (VNS)— “Indonesia and Viet Nam share several conditions that can help enhance our economic relationship,” said Indonesian Ambassador Mayerfas at a business conference organised yesterday.

He mentioned huge populations, increasing economic achievements, rising purchasing power parity, geographical closeness and membership in ASEAN as potentials for bilateral cooperation.

During the event, held by the Viet Nam Chamber of Commerce and Industry and Indonesian Embassy in Ha Noi, Indonesian business representatives heard about the host country’s investment policy as well as specific tax regulations.

Viet Nam had become a new destination for Indonesian investors and several companies have been very active in exploring opportunities and completing deals with Vietnamese companies, the ambassador said.

He urged the Vietnamese business community to explore Indonesia’s investment and business climate and learn about the opportunities the market held for foreign investors.

“While Indonesia is becoming more attractive to foreign investors, we sincerely look forward to Vietnamese entrepreneurs taking full advantage of what Indonesia has offered, both in terms of business and investment,” he said.

Bilateral trade and investment between the two nations have developed significantly over the past years, said head of the chamber’s International Relations Department Pham Quang Thinh, who added that the two business communities could bring the relationship to an even higher level.

Dang Xuan Quang, deputy head of the Ministry of Planning and Investment’s Foreign Investment Agency, emphasised the importance of accelerating the two nations’ ties with a focus on speeding up trade and investment promotion and ties between the two private sectors.

Last year, two-way trade turnover reached $4.6 billion, with Vietnamese rice, telephones and electronic components (as well as other exports) contributing over $2.35 billion.

Viet Nam imported more than $2.24 billion worth of goods from Indonesia, including paper, cooking oil and chemicals.

As of March, Indonesian investors had pumped $285 million into 34 projects in Viet Nam. In return, Vietnamese businesses had seven projects in Indonesia worth $107 million. — VNS

By vivian