Many deals inked between Vietnam, Indonesia firms
A string of cooperation documents were signed between businesses of Vietnam and Indonesia on Monday, with the witness of the former's Party chief To Lam.
Vietnam's Party General Secretary To Lam witnesses the handover of many business cooperation documents at the Indonesia-Vietnam forum in Jakarta on March 10, 2025. Photo courtesy of Vietnam News Agency.
The Vietnamese Party General Secretary is making a state visit to Indonesia at the invitation of Indonesian President and President of the Great Indonesia Movement Party Prabowo Subianto. The deals are as follows.
An MoU between Vietnam's electric vehicle maker VinFast and Bank Negara Indonesia on comprehensive strategic cooperation regarding green transformation solutions and long-term green finance sources.
An MoU between Vietnam's Sovico Group and Indonesia's Ciputra Group on cooperation in developing real estate projects, smart urban areas, industrial parks, and trade services-logistics complexes in the two countries.
A key service agreement between Vietnam's FPT Software and Indonesia's KMP Aryadhana Wisesa, Yogyakarta Sultanate on cooperation in applying AI, blockchain and Internet of Things for digital transformation and green transformation in waste treatment projects, productivity improvement, and education.
A contract between FPT Software and Pertamina on AI applications for digital transformation at Indonesian national oil and gas group PT Pertamina (Persero).
An MoU between FPT IS and Metrodata Electronics on the establishment of FPT Metrodata Indonesia Company in cybersecurity services.
An MoU between Vietnam's Thanh Thanh Cong Bien Hoa and Indonesia's Sungai Budi Group on application of high-tech agricultural science in developing agricultural value chains in Indonesia.
An MoU between Mobile World Group and Erajaya Indonesia on increasing investment capital in PT Era Blu Elektronik Company (Erablue).
An MoU between Hekate and Kilsa Global on AI applications supporting free trade in the central Vietnam city of Da Nang.
At a forum named “Vietnam and Indonesia: Partnership for Progress and Prosperity” in Jakarta, Vietnam's Party chief To Lam said investors from both countries will research and expand investment in such fields such as science, technology, innovation, research and development; developing the semiconductor industry, AI, Internet of Things; new energy (like hydrogen), renewable energy; financial technology, financial centers; and biotechnology, healthcare.
These are the sectors where Vietnam and Indonesia have great potential for development and are in need of attracting investment.
At the event, businesses from both countries highlighted investment opportunities and strategic partnerships in emerging areas such as AI, digital economy, green energy, electric vehicles and the Just Energy Transition Partnership (JETP). They also discussed opportunities in food security, the Halal industry, education, and maritime cooperation.
The forum was held in the context of the two countries celebrating their 70th anniversary of establishing diplomatic relations (1955-2025) and aiming to upgrade the relationship to a Comprehensive Strategic Partnership.
According to Vietnam's Ministry of Foreign Affairs, Indonesia is currently Vietnam's second largest trading partner in ASEAN, while Vietnam is Indonesia's fourth largest trading partner in ASEAN.
In 2024, bilateral trade turnover reached $16.7 billion, up 21.6% against 2023. Of this, Vietnam spent $10.5 billion on imports from Indonesia.
The trade turnover is expected to rise to $18 billion earlier than the previously targeted year of 2028.
Indonesia currently has 123 investment projects licensed in Vietnam, with total registered capital of $682 million. Vietnamese enterprises have constantly increased investments in Indonesia.
VinFast has committed to investing $1.2 billion in Indonesia and is promoting its production of electric vehicles, electric taxi business, and development of EV charging stations.
Many Vietnamese enterprises have built their brands in the Indonesian market such as Dien May Xanh opening more than 100 stores and Saigon Cafe owning a chain of 40 Vietnamese restaurants. Saigon Cafe is striving to increase the tally to 200 across Indonesia in the next 2-3 years.
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