Both Vietnam and Indonesia recognise the vast economic potential of this srelationship, which not only helps boost bilateral trade but also opens up many opportunities for collaboration in strategic investment projects, he told Vietnam News Agency correspondents in Jakarta.

According to him, Vietnam and Indonesia have shown strong determination in enhancing their bilateral economic relations. Bilateral trade has witnessed robust growth, surpassing 16 billion USD in 2024, a sharp rise from 8.07 billion USD in 2020. Indonesia’s exports to Vietnam have increased significantly over the past five years, recording an annual growth rate of 2.4%, driven by key commodities such as mineral fuels, copper, iron and steel, animal fats and oils, seafood, sugar, and confectionery.

Vietnam’s investment in Indonesia has also soared to record levels. Between 2014 and 2024, total disbursed investment from Vietnam in Indonesia reached 66.3 billion USD, with electric vehicle manufacturing, trade, hospitality, fisheries, and construction as key sectors.

A standout example of this growing economic collaboration is VinFast’s investment, which not only contributes to the country’s economic expansion but also fosters sustainable cooperation, especially in green energy.

Looking ahead, Vietnam and Indonesia have elevated their strategic partnership, paving the way for greater economic, trade, and investment collaboration. Both countries are also benefiting from the Regional Comprehensive Economic Partnership (RCEP), which enhances market access and investment opportunities across ASEAN and its partner economies.

Indonesia, as ASEAN’s largest market with abundant natural resources, presents a wealth of opportunities for Vietnamese enterprises. Ichwan noted that Vietnam has already made significant advancements in renewable energy development, positioning itself as a key player in Indonesia’s clean energy transition.

Recognising Vietnam’s expertise, Indonesia has identified a number of priority investment sectors, including renewable energy, downstream industries, food security, semiconductors, export-oriented manufacturing, health care, digital economy, and infrastructure development.

Indonesia is ramping up efforts to develop renewable energy, welcoming a surge of investment in the sector. The country is open to advanced technologies from around the world, including Vietnam, and is actively creating favourable conditions for foreign investors to participate in its clean energy transition.

Sustainability is another crucial area for deeper cooperation. Both countries are committed to attracting global investors for carbon reduction initiatives within ASEAN. Indonesia is advancing the adoption of Carbon Capture and Storage (CCS) and Carbon Capture, Utilization, and Storage (CCUS) technologies, offering a carbon storage capacity of 577 gigatonnes. This presents significant investment opportunities for businesses looking for carbon storage solutions. Vietnam is well-equipped to participate in these green initiatives to further enhance sustainable energy cooperation between the two countries.

Deputy Minister Ichwan emphasised that Vietnam and Indonesia share similar economic priorities and efficiencies, making them natural partners for deeper collaboration. By aligning strategic goals, leveraging complementary strengths, and enhancing regional cooperation, both nations can foster sustainable economic growth while reinforcing their roles as key economic drivers in ASEAN./.