Vietnam and Indonesia established strategic partnership in June 2013. Since then, their political cooperation has been strengthened on mutual trust; their economic, trade and investment cooperation has prospered; and cooperation in other fields such as energy, aerospace, culture, education – training, and tourism has also advanced strongly.
In 2015, Vietnam and Indonesia celebrated the 60th anniversary of diplomatic relations (1955-2015). The bilateral traditional friendship relationship is developing fruitfully in all areas. Political relations are built on high mutual trust and the two sides frequently exchange high-level visits and contacts across all channels like Parties, Governments, Parliaments, and people-to-people exchange.
In addition to maintaining and promoting effective operations of the Bilateral Cooperation Committee, Vietnam and Indonesia both expect to soon convene the 7th meeting of the Joint Committee for Economy, Trade, Science and Technology in 2015 and establish new cooperation mechanisms and agreements in these fields. To bring bilateral trade turnover of US$10 billion in 2018, Vietnam and Indonesia have sought many measures to facilitate their businesses to invest in, import and export coal, minerals, consumer goods and agricultural products; and strengthen two-way trade consultations. Indonesia is committed to actively considering Vietnam’s proposals on importation of rice, onion, electronic products and consumer products from Vietnam.
Regarding the East Sea, Vietnam and Indonesia underscore the importance of ensuring peace, stability, security, safety and freedom of navigation and aviation in the East Sea as well as the peaceful settlement of water disputes according to international laws, including the United Nations Convention on the Law of the Sea (UNCLOS); call all parties to strictly and completely implement the Declaration on the Conduct of Parties in the East Sea (DOC), restrain and not take any actions to escalate tension, including the use force or threat to use force and unilaterally change the status quo; and agree to quickly build the Code of Conduct in the East Sea (COC).
According to statistics, Vietnam – Indonesia economic, trade and investment cooperation keeps thriving. According to the Indonesian Central Bureau of Statistics (BPS) and the Ministry of Foreign Affairs, the two-way trade turnover has risen 25 percent a year on average in the past five years to US$5.12 billion in 2013, more than doubling the value of US$2.01 billion in 2009. The bilateral trade revenue reached US$5.4 billion in 2014 (up 17.4 percent over 2012 when the Bilateral Cooperation Committee was set up), completing the target one year ahead of schedule. The two sides focused on strengthening agricultural, maritime and commercial cooperation to boost the bilateral trade value to US$10 billion in 2018.
According to economic experts, Indonesia and Vietnam have similar export and import commodity structures. Vietnam exports rice and crude oil to Indonesia while the latter ships chemicals, pulp, garment and textile materials, leather and particularly fertiliser to the former. Vietnam has imported a lot of fertiliser from Indonesia.
Currently, Vietnam imports paper, chemicals, material plastics, computers, electronic products and components, automobile parts, animal and plant oil, fibres, and yarns from Indonesia and mainly exports telephones and parts, iron and steel, rice, garments and textiles, fibres, yarns, plastic products, fruits and vegetables.
The two-way trade performance was projected to advance strongly after the two economies recovered from global economic slump.
Indonesia had 41 investment projects capitalised at US$382.91 million as of 2014, ranking 27th among over 100 countries and territories investing in Vietnam. In 2014, Indonesia had two new investment projects with a total registered capital of US$46.09 million in Vietnam. Its biggest project in Vietnam is a US$300-million cement plant. Ho Chi Minh City had 16 projects with US$18.74 million. Vietnam also has eight projects in Indonesia, mainly engaged in mining, oil and gas, information and communication.
In addition to effective economic and commercial cooperation, Vietnam and Indonesia also joined hands in defence with an agreement signed in 2010. The strong expansion of energy, aviation, culture, education – training, and tourism cooperation has contributed to deepening and strengthening the bilateral strategic partnership.
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