At the Vietnam-Indonesia seminar in Ho Chi Minh City on April 1. (Photo: NDO)

The event was co-organised by the municipal Investment and Trade Promotion Center (ITPC) and the Consulate General of Indonesia in the southern economic hub.

Ho Thi Quyen, Deputy Director of the ITPC, said Indonesia is Vietnam’s third-largest trading partner in the ASEAN region and potential import market.

According to statistics from the General Department of Vietnam Customs, the countries’ trade reached nearly 14 billion USD in 2023, with Vietnam's export value to Indonesia exceeding 5 billion USD. Rice was the largest contributor to the export turnover with 640 million USD from 1.16 million tonnes.

Quyen added that in addition to rice, other key currency earners of Vietnam, such as agro-fishery products, food, and consumer goods, have yet to reach their expected levels or fully tap the potential of both sides.

The Ho Chi Minh City government is working to improve the business climate and create favourable conditions in policies and procedures to welcome foreign investors and enterprises, including those from Indonesia, she noted.

Indonesian Consul General in Ho Chi Minh City Agustaviano Sofjan stated that despite the impact of the global economic downturn, the bilateral trade still experienced significant growth and is projected to hit 15 billion USD in the near future.

Their business communities mainly consist of small- and medium-sized enterprises, and both nations need to encourage more trade activities between them, the diplomat said.

Meanwhile, Edwin Setiawan Tjie, Chairman of the Indonesian Business Association in the city, stressed that apart from trade, the countries see potential for joint works in agro-fishery development.

Vietnam and Indonesia can share experience in adjusting policies, developing human resources, and promoting farm produce trade, he recommended, adding that in the aquatic farming sector, they can work together in technology transfer investment and researching sustainable farming models.