Indonesia-Vietnam Targets US$18 Billion in Bilateral Trade by 2028

RRI.CO.ID, Jakarta – Indonesia and Vietnam have reaffirmed their commitment to achieving a bilateral trade target of US$18 billion by 2028. The commitment was delivered during the sixth Joint Commission for Bilateral Cooperation (JCBC) meeting held in Jakarta on Tuesday, July 14, 2026.

Indonesia's Minister of Foreign Affairs, Sugiono, said the two countries agreed to strengthen trade and investment cooperation while removing barriers faced by businesses in both countries to make economic relations more concrete and mutually beneficial.

"In the economic sector, we reaffirmed our commitment to achieving the bilateral trade target of US$18 billion by 2028. We also agreed to further strengthen trade and investment cooperation and remove obstacles faced by the business communities of both countries," Sugiono said during a joint press statement following the JCBC meeting in Jakarta.

The Minister added that Indonesia and Vietnam would follow up on the implementation of agreements and memorandums of understanding (MoUs) that have been signed to ensure they produce tangible results. He also noted that the two countries explored opportunities for closer cooperation in strategic sectors, including agriculture, science and technology, supply chains, electric vehicle technology, and the digital economy.

At the regional level, the two countries also exchanged views on regional and global developments and reaffirmed the importance of ASEAN centrality and unity as prerequisites for a peaceful, stable, and prosperous region.

During the same occasion, Vietnamese Foreign Minister Lê Hoài Trung said bilateral relations have continued to expand across various fields, including the economy, trade, defense, security, education, culture, and people-to-people exchanges.

He noted that bilateral trade could reach the US$18 billion target sooner than previously expected.

"Our trade volume has reached a level where, according to the information I have received, it may even reach the US$18 billion target this year, potentially exceeding the target we originally set," Lê Hoài Trung said.

In addition to the growing trade volume, Lê Hoài Trung said cooperation in defense, security, tourism, and people-to-people exchanges has also made significant progress. The launch of new direct flight routes connecting Hanoi, Ho Chi Minh City, and Da Nang with Jakarta, Bali, Medan, and Surabaya has contributed to a 30 percent increase in Indonesian tourist arrivals to Vietnam during the first four months of 2026.

Lê Hoài Trung added that both countries had adopted the Plan of Action for the Implementation of the Indonesia-Vietnam Comprehensive Strategic Partnership, which will serve as the roadmap for implementing the Comprehensive Strategic Partnership. According to him, the action plan will strengthen political, defense, and security cooperation, enhance economic connectivity, and deepen coordination in regional and global forums, including efforts to maintain peace and stability in the region.