President calls for more Indonesian investments

Jakarta – President Nguyen Xuan Phuc expressed his hope that the Indonesian Chamber of Commerce and Industry (KADIN) will encourage Indonesian businesses to pour more investments into Vietnam, in his meeting with KADIN Chairman Arsjad Rasjid in Jakarta on December 23.

Lauding cooperation activities of the KADIN Chairman and Indonesian businesses in the fields of trade and investment, the visiting leader said they have significantly contributed to collaboration between Vietnam and Indonesia, especially in 2023 when the two countries mark the 10th anniversary of the bilateral strategic partnership.

He pointed out that the two-way trade revenue of 13 billion USD still remains low, given similarities shared by Vietnam and Indonesia in terms of population, market and cooperation priorities.

The two countries’ enterprises should understand more about the respective markets, he stressed.

Vietnam has joined many free trade agreements (FTAs), including new-generation ones with high standards, the leader said, describing this an opportunity for Indonesian firms.

He added that Vietnam is stepping up administrative reforms and working to create open policies for investors.

Welcoming the chamber’s proposals on boosting cooperation in the areas of the two countries’ strengths like agriculture and fisheries, Phuc asked it and Rasjid to propose more policies to bolster the investment and trade links, towards a trade turnover of 15 billion USD in 2028 in a balanced manner as agreed upon by leaders of the two countries.

For his part, Rasjid pledged KADIN will work to contribute to raising the bilateral trade, adding that there remains room for businesses of the two countries to cooperate in fishery and the automobile industry, and that the chamber will encourage Indonesian firms to invest in these spheres.

The KADIN Chairman also expressed his hope for more Vietnamese investments in Indonesia so that both Vietnamese and Indonesian products can participate in the global supply chain more intensively.

He suggested leaders of Vietnamese and Indonesian ministries and agencies set out plans materialising cooperation agreements.

The same day, Phuc met Albert, co-founder of Traveloka - a leading Southeast Asian online travel company, during which the President called on the firm to expand its cooperation in Vietnam and continue to help the country promote its land and people, thus attracting more tourists.

Phuc pledged to facilitate cooperation in digital transformation between Traveloka and Vietnamese enterprises.

In reply, Albert told the President that Traveloka has cooperated with more than 3,000 Vietnamese businesses to promote Vietnamese culture and tourism, while supporting various localities in this regard.

Albert also committed to continue supporting Vietnam in digital transformation, targeting small- and medium-sized enterprises and travel firms.

The Indonesian government has considered realising its plan to impose an excise tax on all packaged sweetened beverages.

Early this month, Mitsubishi Heavy Industries Ltd. (MHI) and PT. PLN Indonesia Power – a sub-holding of Indonesia’s state-owned electricity provider PT. PLN – concluded an MoU to commence three feasibility studies on co-firing with hydrogen, biomass and ammonia at power plants owned and operated by Indonesia Power.