During a bilateral meeting between President Joko Widodo (Jokowi) and Vietnamese President Tran Dai Quang in Hanoi on Tuesday, both governments had agreed to increase trade and investment cooperation.
The trade trends between the two countries have continued to increase in recent years, with the value reaching almost $7 billion in 2017.
The exports of Indonesian automotive products to Vietnam, for instance, have been conducted thrice, with 1,528 Indonesian cars exported to Vietnam until July 2018.
"However, some obstacles related to inspection still exist, which yesterday had been explained in detail (by President Jokowi) to the Vietnamese president," Foreign Minister Retno Marsudi remarked in a video received by Antara on Wednesday.
The imports of completely built-up (CBU)-type passenger cars from Indonesia dropped sharply after the issuance of Decree No. 116 of 2017. Vietnam`s imports of CBU-type passenger cars from Indonesia hit rock bottom, at 592 units, valued at $10.9 million in November 2017.
In March, Vietnam had agreed to reopen its market for Indonesia`s exports of automotive products after the Indonesian government agreed to comply with the Vietnamese import regulation on certificate of Vehicle Type Approval (VTA) for CBU vehicles.
According to Vietnamese statistical data, the country had imported 38,832 CBU-type passenger cars worth $718 million from Indonesia in 2017.
Vietnam`s imports from Indonesia in 2017 peaked in January, reaching 6,345 units valued at $123.4 million.
Considering Vietnam as one of Indonesia`s important partners in the region, with a population of 95.54 million, Indonesia views the potential to develop large economic cooperation.
"In terms of investment, several Indonesian investors have already invested their money in Vietnam, and some others are interested to do so," Marsudi noted.
Developing economic potential and expanding market access between Indonesia and Vietnam are the focus areas of President Jokowi`s visit to Hanoi on September 11-12, 2018.
Indonesia and Vietnam are among countries, with a large population, ranking first and third-largest in the ASEAN.
Both countries have also shown high economic growth in the last three years, with an average of five percent annually.
Editing by Rahmad Nasution
Reporter: Yashinta Difa Pramudyani
Editor: Fardah Assegaf
Copyright © ANTARA 2018
