Indonesia and Vietnam Accelerate, US$324 Trillion Trade Target May Be Achieved This Year

Indonesia and Vietnam are optimistic that the bilateral trade target of US$18 billion, or approximately Rp324 trillion (at an exchange rate of Rp18,000 per US dollar), originally set for 2028, could be achieved sooner, possibly even this year. This optimism was conveyed by Vietnamese Foreign Minister Lê Hoài Trung during the Indonesia-Vietnam Joint Commission on Bilateral Cooperation (JCBC) at the Pancasila Building in Jakarta on Tuesday (14/7/2026). Trung noted that the trade trend between the two countries continues to show strong growth. Based on information he received, the value of Indonesia-Vietnam trade could potentially reach or even exceed the US$18 billion target in 2026. Indonesian Foreign Minister Sugiono echoed this sentiment, stating that both countries agreed to strengthen economic cooperation to maintain trade and investment momentum. ‘We reaffirmed our commitment to achieving the bilateral trade target of US$18 billion by 2028. To maintain this positive momentum, we agreed to strengthen trade and investment cooperation and remove all barriers faced by businesses in both countries,’ Sugiono said. He explained that both countries are also committed to following up on all agreements and memoranda of understanding that have been reached to ensure they deliver tangible benefits for businesses and the public. During the 6th JCBC meeting, Indonesia and Vietnam also signed an Action Plan for the Implementation of the Comprehensive Strategic Partnership, which will serve as a guide for bilateral cooperation over the next five years. This agreement follows the elevation of bilateral relations to a Comprehensive Strategic Partnership last year. Beyond economic cooperation, the two countries are also strengthening collaboration in political and security fields, including the implementation of the Exclusive Economic Zone agreement, maritime security, combating illegal, unreported, and unregulated fishing, and tackling transnational crime, including narcotics. Trung added that relations between Indonesia and Vietnam continue to develop across various sectors. Connectivity has also tightened with the addition of flight routes linking Hanoi, Ho Chi Minh City, and Da Nang with Jakarta, Bali, Medan, and Surabaya. ‘With the increasing number of direct flights, the number of Indonesian tourists visiting Vietnam surged by about 30% in the first four months of 2026,’ Trung said. Both ministers also reaffirmed their commitment to strengthening coordination within ASEAN and various international forums to maintain regional stability as a foundation for economic growth and shared prosperity.