08:52 | 19/05/2014 Cooperation
(VEN) - Prime Minister Nguyen Tan Dung met Myanmar President Thein Sein and Indonesian President Susilo Bambang Yudhoyono on the sidelines of the 24th ASEAN Summit on May 11.
Prime Minister Nguyen Tan Dung (left) and Indonesian President Susilo Bambang Yudhoyono
Vietnam-Indonesia economic cooperation to further improve
At their meeting on May 11, Prime Minister Nguyen Tan Dung and Indonesian President Susilo Bambang Yudhoyono discussed measures to promote cooperation between the two countries especially in economics. The two leaders agreed to actively implement the 2014-2018 action program, early begin the second session of the joint committee for bilateral cooperation in 2014 and prepare for the 60th anniversary of the bilateral diplomatic relations (1955-2015).
Bilateral trade has grown well over the past three years. It has so far reached more than US$4 billion and is expected to amount to US$5 billion in 2015 and US$10 billion in 2018.
Indonesia exported paper, chemicals, machinery and components to Vietnam and imported mobile phones and components, steel, and textile/garment, leather and footwear materials.
Indonesia currently ranks 26th among foreign investors in Vietnam. Indonesian businesses had 38 investment projects worth a total of US$320.52 million in Vietnam in 1988-2013. Indonesian investment in Vietnam was more than US$2 billion if capital registered through third countries was taken into account. Indonesian investment in Vietnam is mainly found in the processing industry, accommodation and catering services, mining, transport, agriculture, fisheries and construction. Vietnamese businesses currently have eight investment projects in Indonesia with a total capital of US$49.66 million in the fields of oil and gas, retail, import and export, information and communication, motorcycle and auto components.
Vietnam-Myanmar trade to reach US$500 million in 2015
At their meeting on May 11, Prime Minister Nguyen Tan Dung and Myanmar President Thein Sein agreed to further strengthen bilateral cooperation especially economic, trade cooperation in order to increase bilateral trade to US$500 million in 2015. The two leaders also agreed to early begin the eighth session of the joint committee for bilateral cooperation in Myanmar and the seventh political consultation between the two foreign ministries.
Myanmar President Thein Sein said that Myanmar always attaches importance to the traditional friendship with Vietnam and agreed to boost high-ranking and popular exchanges. The president also pledged to create favorable conditions for Vietnamese enterprises to invest in Myanmar, including the fields of oil and gas, banking, and tourism, among others.
The two sides agreed to work with Association of Southeast Asian Nations (ASEAN) countries to promote solidarity and build an ASEAN Community by 2015 and have a consensus in regional and international affairs including those related to the East Sea./.