The Consulate General of Indonesia in Ho Chi Minh, Vietnam, Agustaviano Sofjan, highlighted the positive growth in trade relations between Indonesia and Vietnam over the past decade. The bilateral trade balance has more than tripled, reflecting the increasingly healthy economic activities between the two nations, driven by robust export and import performance. In 2014, the trade balance between Indonesia and Vietnam was valued at USD 4 billion, but by 2022-2023, it had surged to USD 14 billion (approximately IDR 217.1 trillion at the BI Jisdor exchange rate of IDR 15,509 per USD). Indonesia's major exports to Vietnam include coal, crude palm oil (CPO), automotive products, and steel. Sofjan noted that there is still significant room for growth in other sectors, with Indonesian investments in Vietnam also on the rise.
Sofjan also mentioned several Indonesian companies that have been investing in Vietnam for over 20 years, such as PT Japfa Comfeed Indonesia, Ciputra Group, and PT Dynaplast Tbk. Recent investments include startups like GoJek and Traveloka. Looking ahead, he believes the potential for mutual investment will continue to expand. Sofjan emphasized that Vietnam's economic growth has been remarkable, with the country becoming one of the most attractive investment destinations in ASEAN. He added that the combined economies of Indonesia and Vietnam account for 45% of the ASEAN region, making their collaboration crucial for the future prosperity of Southeast Asia. Sofjan concluded by highlighting Vietnam's strong economic indicators, including a GDP growth rate of 5.05% in 2023 and a trade surplus of USD 28 billion, further solidifying its position as a key player in the regional economy.
