What Are the Benefits of Indonesia-Vietnam Agreement?

By Editorial Team 26/12/2022
global cooperation
Summary

Indonesia and Vietnam established several agreements, coinciding with the meeting between President Joko "Jokowi" Widodo and Vietnam President Nguyen Xuan Phuc, at Bogor Palace, on Dec 22. One important agreement between Indonesia and Vietnam is the exclusive economic zone (EEZ) boundary, which has been discussed for 12 years.

"After intensive negotiations, Indonesia and Vietnam were finally able to complete the EEZ boundary negotiations based on the 1982 UNCLOS," Jokowi said. In addition to geographical boundaries, the following agreements were made between Indonesia and Vietnam:

  • Bilateral trade target of US$15 billion by 2028.
  • Indonesia requests the easing export barriers on agricultural products and fruits to Vietnam.
  • Protection of Indonesian investment in Vietnam amounted to more than US$600 million in 101 projects.
  • Cooperation in clean energy and new renewable energy.
  • Increased connectivity between the two countries by revitalizing direct flight routes, including new routes from Da-Nang to Denpasar and Ho Chi Minh-Jakarta.

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