Bilateral trade turnover between Vietnam and Indonesia has recorded rapid growth in the past 4 years, from 8.07 billion USD in 2020 to 16 billion USD in 2024.

According to the representative of the Vietnam Trade Office in Indonesia, 2024 will see many positive highlights in Vietnam-Indonesia trade relations with bilateral import-export turnover continuing to grow rapidly, towards achieving the bilateral turnover target of 18 billion USD by 2028 set by the two countries' senior leaders.
 

The highlight is that bilateral trade turnover as well as Vietnam's export turnover reached the highest level ever, with Vietnam's export growth to Indonesia at double digits.
 

Citing statistics from Vietnam Customs, a representative of the Vietnam Trade Office in Indonesia informed that it is estimated that by 2024, the total bilateral trade turnover between the two countries will reach at least 16 billion USD, of which Vietnam's exports are estimated to reach more than 6 billion USD, the highest level ever. Bilateral trade turnover has recorded rapid growth in the past 4 years, from 8.07 billion USD in 2020 to 16 billion in 2024.
 

In addition, export growth is higher than import, gradually contributing to narrowing the trade deficit between the two countries. In the period 2021-2024, there will be a shift in narrowing the trade deficit due to higher export growth than import growth, especially in 2023 and 2024.

“The average export growth in these two years was recorded at 16.9%/year while imports grew at 4.8%/year. The deficit has decreased from 5.12 billion USD in 2022 to about 3.76 billion USD in 11 months of 2024,” said a representative of the Trade Office.
 

In more detail, the export of agricultural products grew impressively, with rice being the commodity group with the highest export turnover. Specifically, the total export volume of Vietnam's rice to this market in the 11 months of 2024 reached 1,130,339 tons, worth 679 million USD, up 6.2% in volume and 10.4% in value.
 

Although Indonesia is also a major coffee production and export center in the world, its demand for importing Vietnamese coffee in the first 11 months of 2024 increased by 74% with an export turnover value of 203.34 million USD, contributing significantly to the increase in export turnover of agricultural products.

At the same time, the total export turnover of textiles and raw materials in the 11 months of 2024 reached 887.48 million USD, up 21% over the same period in 2023, accounting for 15.6% of the total export turnover in the period. The double-digit growth of the textile group in the context of being subject to trade defense measures shows the high competitiveness of textile products in the Indonesian market.

Notably, Vietnam's electric cars (Vinfast) were exported to the Indonesian market for the first time, contributing to increasing the sustainability of Vietnam's export turnover and reducing the trade deficit in the automobile and spare parts group. The export value of the means of transport and spare parts group in the 11 months of 2024 reached 379 million USD, an increase of 21.8% over the same period in 2023.

According to the representative of the Trade Office, contributing to the positive growth of Vietnam's exports to the Indonesian market in 2024 is the persistent efforts of Vietnamese businesses and industry associations despite many non-tariff barriers from this largest market in Southeast Asia by proactively promoting and penetrating the market, effective trade promotion programs such as: Vietnam Sourcing 2024, organizing information seminars to introduce the Indonesian market, Indonesian Halal regulations, coordinating with associations to organize trade and investment connection sessions in the Indonesian market./.