VF8 cars by Vietnamese auto maker VinFast (Photo: VNA)

Jakarta – Indonesian Industry Minister Agus Gumiwang Kartasasmita has invited Vietnam to cooperate in the development of several sectors, including the electric vehicle (EV) industry, green industry, food security, research and development, and human resources.

“We invite Vietnam’s Ministry of Industry and Trade to maintain a discussion with us to strengthen this cooperation and collaboration,” Minister Kartasasmita said in a statement as quoted by the country’s national news agency Antara.

He highlighted that Indonesia has a large market in the automotive sector. Car ownership in Indonesia is pegged at 19.1 million units, and motorcycle ownership at 128 million units.

Furthermore, the projected demand for electric vehicle batteries in Indonesia is expected to climb in the coming years.

Minister Kartasasmita expressed his hope that the two countries will support each other at the yearly ASEAN Industry Ministries’ Meeting because the potentials and challenges in the industry sector are expected to become even more visible.

Indonesia currently ranks among the world’s top ten manufacturers, with a global manufacturing output value of 1.4 per cent, according to data released by Safeguard Global. Meanwhile, according to World Population Review Data, Indonesia ranks 12th and Vietnam 23rd.

As of November 2023, Indonesia’s capital investment in Vietnam reached 651.21 million USD with a total of 120 projects. In terms of investment realisation in Vietnam, Indonesia ranked fifth among the ASEAN countries.