A high-level business dialogue between Vietnam and Indonesia was held in Hanoi on January 13 as part of Indonesian President Joko Widodo’s official visit to Vietnam from January 11-13.

Vietnamese and Indonesian businesses at the dialogue, which was co-chaired by Prime Minister Pham Minh Chinh and President Widodo, expressed their interest in the development policies of both countries and especially in mechanisms and measures for accelerating bilateral investment cooperation.

Participants spoke of new development and investment trends and made recommendations for more effective bilateral cooperation to benefit businesses from both countries.

In his address, President Widodo noted that Indonesia and Vietnam share the same vision of becoming high-income countries by 2045, and to put such a vision into place they should boost dialogue and cooperation to a higher level of quality.

According to the President, Indonesia has the potential for further development and has established a carbon trading exchange while pushing ahead with an electric vehicle (EV) industry.

He welcomed Vietnamese companies to invest in and cooperate more with Indonesia, especially in its new capital Nusantara, to together meet the country’s targets.

The President said he expects VinFast to expand its EV investment in the country, Vietjet Air to open more flight routes to Indonesian tourism destinations, the Savico Group to invest in tourism and real estate projects, and FPT Software to invest in technology.

He also called on Vietnamese businesses to invest in other sectors in Indonesia, such as banking and finance, education, science and technology, and manufacturing, among others.

Prime Minister Chinh, for his part, shared President Widodo’s vision, noting that his ongoing visit to Vietnam and his comments and proposals at the dialogue are of great significance, creating energy for and inspiring businesses from both countries to accelerate their investment cooperation.

He proposed that Indonesia, together with Vietnam and other ASEAN nations, strengthen the unity of the bloc for the development of each nation and for peace, stability, cooperation, and development in the region and the world.

The Prime Minister said the vision from both nations to become high-income countries by 2045 requires the engagement of all people and businesses in both countries as well as their mutual support.

Economic cooperation has yet to match bilateral political ties, the two economies’ stature, or their expectations, he said, and called on businesses to continue links and investment in order to materialize high-level agreements between the two countries and fulfill targets.

The Vietnamese leader expressed his appreciation of Indonesian investment in Vietnam, with many projects finding success, and noted that the country is attracting investment in emerging sectors like the digital economy, the green economy, the circular economy, the knowledge-based economy, and the sharing economy, along with the Halal industry and agriculture.

He hoped that Indonesian businesses would help Vietnamese companies join supply chains in Indonesia and the world.

Vietnam always creates optimal conditions for enterprises, including those from Indonesia, to operate stably, sustainably, and successfully in the country, the Prime Minister affirmed.