Vietnam reopens market for Indonesian export of automotive products

Vietnam reopens market for Indonesian export of automotive products

The 3rd-level meeting of senior Joint Commission for Bilateral Cooperation (JCBC) officials between Indonesia and Vietnam in Hanoi, Monday, 16/04/2018. (Foto : Kbri Hanoi)

Jakarta (ANTARA News) - Vietnam has agreed to reopen its market for Indonesia`s automotive products during the Third Joint Commission for Bilateral Cooperation of Indonesia-Vietnam (RI-Vietnam JCBC) in Hanoi on Tuesday.

"I am glad that Indonesia`s export of automotive products can reenter Vietnamese market," Indonesian Minister of Foreign Affairs Retno Marsudi noted in a statement, after co-chairing the 3rd RI-Vietnam JCBC in Hanoi, on Tuesday.

At the end of 2017, the Vietnamese Government issued regulation 116/2017 on import of motor vehicles.

Indonesia could continue the exports of automotive products in the form of completely built-up (CBU) vehicles to Vietnam after the Indonesian government agreed to comply with the Vietnamese policy on imports of motor vehicles.

Marsudi revealed that automotive product is one of Indonesia`s largest export commodities to Vietnam, which reached US$293 million in 2017.

During the JCBC, Marsudi and her Vietnamese counterpart Pham Bihn Mihn also discussed the enhancement of bilateral cooperation in various fields, such as trade, investment, marine and fishery, and private sector interaction.

Indonesia and Vietnam`s trade continued to increase after the two countries established a strategic partnership in 2013.

In 2017, the trade value between Indonesia and Vietnam reached $6.8 billion, increasing 8.64 percent from 2016.

Meanwhile, in the field of investment, Vietnam`s investment to Indonesia increased 300 percent in 2017, while Indonesia`s investment to Vietnam increased 36 percent in the same year.

Both ministers also discussed several issues and development of the region during the JCBC and reemphasized their commitment to strengthen the ecosystem of peace and stability in the region.