Vietnam and Indonesia aim for $18 bn bilateral trade by 2028

Vietnam and Indonesia are deepening their strategic partnership with a goal of raising bilateral trade to US$18 billion by 2028. The target was reaffirmed during the sixth Joint Commission on Bilateral Cooperation in Jakarta, where foreign ministers Le Hoai Trung and Sugiono signed a memorandum of understanding covering economic, maritime security and defence cooperation. Both sides highlighted the need to expand two‑way investment, remove non‑tariff barriers and improve connectivity, citing the recent growth of trade from about US$9 billion in 2019 to US$16.7 billion in 2024. The agreement also calls for collaboration in agriculture, science and technology, supply‑chain development, electric‑vehicle production and digital economy initiatives. Vietnamese ambassador Ta Van Thong noted the complementary size of Indonesia’s 280 million‑person market and Vietnam’s dynamic economy of nearly 100 million people, and stressed the importance of direct flights and infrastructure links. While geopolitical and economic uncertainties pose challenges, both governments expressed confidence that the 2028 target is attainable and could be exceeded.