Conference promotes Indonesian, Vietnamese business connection

The Indonesia – Vietnam Business Connection Conference: Leveraging the advantages of the Regional Comprehensive Economic Partnership (RCEP) agreement was held by the Ministry of Industry and Trade of Vietnam (MoIT), in collaboration with the Ministry of Trade of Indonesia.

This is a chance for both countries’ firms to get updates on the RCEP and seek opportunities via new cooperation channels on trade, investment and services.

Addressing the event, Vietnamese Ambassador to Indonesia Ta Van Thong highlighted the increasing number of Vietnamese and Indonesian businesses seizing trade and investment opportunities, which, he said, is reflected through the value of bilateral trade reaching US$10.69 billion between January and August, up 18.06% from the same period last year.

Nguyen Phuc Nam, deputy head of the MoIT’s Asian – African Market Department, said, the RCEP will create favourable conditions for ASEAN firms to cooperate in production chains to export products from ASEAN, including those of Vietnam and Indonesia, to RCEP markets, particularly China, Japan and Republic of Korea, while setting up stable and long-term export markets for ASEAN countries.

In addition, the implementation of the RCEP will create a biding legal framework in the region in terms of polices on trade, investment, intellectual property and e-commerce, improving transparency and increasing attractiveness of markets.

Meanwhile, Djatmiko Bris Witjasono, head of Indonesia’s International Trade Negotiation Department, said with the potential and good use of the RCEP, two-way trade between Indonesia and Vietnam could rise to US$20 billion in the next five years from the current US$13.7 billion.

At the conference, speakers from the two ministries provided presentations on issues such as promoting the advantages of the RCEP, results and challenges in Vietnam - Indonesia trade cooperation, and prospects for bilateral trade cooperation between Vietnam and Indonesia from the perspective of Indonesian businesses.

In addition to answering questions and taking note requests and proposals from both sides’ businesses, the event included meetings between businesses.