As the year draws to a close, Indonesian and Vietnamese business leaders gathered in Ho Chi Minh City for an insightful meeting aimed at deepening the economic ties between the two nations. The business meeting, themed “End of Year 2024 Insight & 2025 Outlook on Indonesia and Vietnam’s Economic Performance: Seizing Opportunities in a Changing World,” was held on December 30, highlighting the shared vision of Indonesia and Vietnam to accelerate their economic cooperation in 2025 and beyond.
In his opening remarks, Indonesian Consul General Agustaviano Sofjan emphasized the critical role of collaboration among governments, business communities, and the people of both nations in achieving the ambitious economic goals set for 2025. “The cooperation between our countries is vital for achieving our economic cooperation targets and will play a key role in supporting both Indonesia and Vietnam’s aspirations to become developed nations by 2045,” Sofjan stated.
Key Insights from Industry Experts
The meeting, held in a networking lunch format, featured several high-level speakers who provided valuable perspectives on the economic outlook for both countries. Nguyen Thang, Head of Research at Vietcombank, discussed Vietnam’s impressive economic growth over the past five years. He attributed this success to three core factors: a strong governmental focus on economic fundamentals, an adaptive response to global changes, and proactive local governments that have fostered business-friendly environments.
As Marco Forster, Director of the ASEAN Ho Chi Minh City Office of Dezan Shira & Associates, took the stage, he emphasized the strategic importance of strengthening collaboration between Indonesia and Vietnam. “Every Foreign Direct Investment (FDI) into ASEAN is a win for ASEAN, and every FDI out of ASEAN is a loss for ASEAN,” he said, highlighting the need for continued investment and cooperation between the two countries to boost the economic prosperity of the broader Southeast Asia region.
Strengthening Networks and Unlocking Market Opportunities
Hermawan Kartajaya, a renowned Indonesian marketing expert and founder of MCorp, captivated the audience with his insights on exploring market opportunities in both Vietnam and Indonesia. Kartajaya stressed the importance of combining traditional business strategies such as productivity, renewal, and professionalism with creativity, innovation, entrepreneurship, and leadership to tap into emerging market niches. He also noted that, despite the rise of advanced technologies like artificial intelligence, maintaining a personal, human touch in business interactions remains essential.
The panel discussions and networking sessions were attended by approximately 70 participants, including businesspeople, business associations, and local government officials from both Indonesia and Vietnam, underscoring the strong commitment of the Indonesian Consulate General in Ho Chi Minh City to enhance collaboration between the two nations.
Strong Trade and Investment Growth
Trade and investment between Indonesia and Vietnam have been on the rise, with 2024 seeing total bilateral trade surpassing USD 15 billion. Both countries are optimistic that the trade target of USD 18 billion by 2028 could be achieved well ahead of schedule. The renewable energy sector, in particular, is witnessing significant investments, as both nations strive to transition to cleaner, more sustainable energy solutions.
Despite expected challenges in 2025, the economic trajectory of both Indonesia and Vietnam remains positive. Experts forecast that, with continued collaboration, both countries can maintain their momentum and further solidify their position as key players in the region’s economic landscape.
A Vision for the Future
Looking ahead to 2025, Indonesia and Vietnam are not only focused on strengthening their economic ties but also on fostering shared prosperity through strategic collaborations in various sectors. The ongoing partnerships between both countries are essential in ensuring the stability, growth, and continued development of Southeast Asia as a dynamic and prosperous region.
With such promising prospects for continued cooperation, the Indonesia-Vietnam business community is well-positioned to seize new opportunities in the ever-evolving global marketplace.