Vietnamese Minister of Industry and Trade Tran Tuan Anh (centre, front) co-chairs the meeting.
The meeting took place when the relationship between two countries are now at its best. In the meeting, the two sides discussed an agreed on specific measures to advance their friendship and multi-faceted cooperation, especially in the following fields: trade, industry, energy, natural resources, minerals, investment, agriculture, forestry, fishery, transport, construction, education, culture, tourism, finance, banking, information and communications.
According to the World Bank statistics, Indonesia is the world’s 16th largest economy and also the largest market in Southeast Asia. Despite global and regional economic uncertainties over the past time, trade between Vietnam and Indonesia has made significant strides. At present, Indonesia is Vietnam’s fourth largest trade partner in the Association of Southeast Asian Nations (ASEAN), with two-way trade expanding from 4.6 billion USD in 2012 to 5.6 billion USD in 2016, and an annual average growth rate of about 5 percent. In 2016, export and import revenues between the two countries reached 2.6 billion USD and 3 billion USD, respectively.
Bilateral collaboration in other fields like agriculture, investment, finance, banking and transport has also made new progresses. In particular, government agencies of the two countries are working together to build new cooperation frameworks in various realms, in turn realizing agreements between two sides since the establishment of Strategic Partnership Vietnam – Indonesia in June, 2013.
On the other hand, the two sides also agreed to increase the exchange of delegations, information and experience in management and development. Besides, Vietnam and Indonesia will tighten cooperation to remove difficulties hindering the bilateral ties and encourage connectivity between their private economic sectors in order to fully tap their potential between the two countries.
Overview of the meeting.
Concluding the meeting and on behalf of the two governments, the two ministers have signed the Minutes of Meeting on the the seventh meeting of the joint committee on economic, scientific and technological cooperation between the two countries.