Bilateral trade has grown rapidly over the past four years, rising from US$8.07 billion in 2020 to US$16 billion in 2024.
The total export value of key Vietnamese commodities to Indonesia hit US$917.69 million, up 20.4% year on year.
Rice is the agricultural product with the highest export value, as Indonesia continues to be Vietnam’s second largest rice export market. During the 11-month period, Vietnam shipped more than 1.1 million tonnes of rice to Indonesia worth US$679 million, up 6.2% in volume and 10.4% in value.
Most notably, the group of means of transport and spare parts raked in US$379 million, an annual rise of 21.8%.
The robust growth was significantly attributed to the export of VinFast electric cars (EVs) for the first time to Indonesia, which is considered to be one of the automobile manufacturing hubs in Southeast Asia and is a fiercely competitive market.
The export of EVs to Indonesia has therefore contributed to reducing the trade deficit for this group of products, particularly as the Vietnamese side still had to import cars from Indonesia with a relatively large annual value in the past.
According to the Vietnam Trade Office in Indonesia, both sides are aiming to increase bilateral trade turnover to US$18 billion by 2028 and to strengthen cooperation in the spheres of the digital economy, green economy, energy transition, and development of EV ecosystems.
