Hanoi, Vietnam – April 24, 2024 – Indonesia and Vietnam have set their sights on a significantly boosted trade relationship, aiming to reach a combined value of US$18 billion or more by 2028. This ambitious target surpasses the previous goal of at least US$15 billion by the same year.
The agreement was reached during the 5th Joint Commission on Bilateral Cooperation (JCBC) meeting in Hanoi, co-chaired by Indonesian Foreign Minister Retno Marsudi and her Vietnamese counterpart, Bui Thanh Son.
“We’re committed to raising the bar on trade,” declared Foreign Minister Marsudi. “To achieve this ambitious target, both countries need to streamline trade barriers and expedite agreements on food security. Additionally, optimizing the Joint Committee on Economic, Scientific and Technical Cooperation (JC-ESTC) will be crucial.”
Beyond trade, the JCBC meeting also addressed broader issues. Notably, both nations agreed to elevate their partnership from Strategic Partnership to Comprehensive Strategic Partnership, reflecting a deepening relationship. In the face of growing regional tensions, the ministers called for the immediate launch of the 10th Policy Dialogue to strengthen communication channels.
Defense cooperation was another area of focus. The upcoming International Defense Expo in Indonesia this December provides a platform to showcase Indonesian defense capabilities. Vietnam, for its part, expressed gratitude for Indonesia’s support in building its Peacekeeping Center.
The meeting also highlighted the need to tackle transnational crime, particularly human trafficking linked to online scams, and illegal fishing practices. Additionally, both sides agreed on the importance of fostering a welcoming environment for two-way investment and ensuring protections for existing investors.
Foreign Minister Marsudi also participated in the ASEAN Future Forum (AFF) 2024.