INDUSTRY.co.id - Jakarta - The Embassy of the Republic of Indonesia for Vietnam actively promotes opportunities and collaborates to achieve bilateral trade targets of US $ 10 billion by 2020, in the hope that the construction and property sectors will make significant contributions.

The Embassy of Vietnam was supported by the Viet Nam Federation of Civil Engineering Association (VFCA) held a business forum "Indonesia-Viet Nam Cooperation on Construction and Property" on Wednesday (30/5/2018).

In his speech, the Ambassador of the Republic of Indonesia to Vietnam, Ibnu Hadi, stated that the forum aims to promote opportunities and establish cooperation with various parties in Vietnam.

In 2017, total trade between Indonesia and Vietnam increased 16.36% to US $ 6.50 million from US $ 5.58 million (in 2016), consisting of US $ 3.63 million Indonesian exports to Vietnam (22.51% increase) and Indonesia's imports amounted to US $ 2.61 million, an increase of 9.37%.

Indonesia's investment in Vietnam during 2017 reached US $ 45.84 million. Until the end of December 2017, Indonesia's total investment in Vietnam reached 69 projects with a value of US $ 477.02 million in which Indonesia is ranked 30th from the list of countries investors in Vietnam. Vietnam has eight investment projects in Indonesia worth US $ 51 million in the mining, media and manufacturing industries.

Although investment cooperation between the two countries is still relatively not as big as South Korea, Japan and Singapore, the inflow of Indonesian investment to Vietnam continues to increase. Indonesian investors are beginning to capitalize on the potential and market opportunities offered by Vietnam.

With more than 260 million people and 96 million people by 2017, Indonesia and Vietnam are among the fastest growing economies in the world, with GDP of 5.17% of Indonesia and 6.81% of Vietnam and per capita income in the year 2017 reached US $ 3,859 and US $ 2,385 respectively.

For Indonesia, the growth of the construction sector depends on infrastructure estimated to grow 5.9% annually from 2017-2026, outperforming the overall growth projections for the construction industry by 3.9%. Both the housing and non-residential sectors will benefit from Indonesia's strong demography and a high level of urbanization by 53%.

The Government of Indonesia's ongoing infrastructure development project worth US $ 436 billion consists of building roads, railways, power plants and water systems that will be key to housing, commercial and industrial development in urban and urban areas.

The Forum was attended by the Deputy Secretary General of the Viet Nam Federation of Civil Engineering Association (VFCEA), representatives of leading companies from Indonesia and Vietnam, among others, (Indonesia) Citra Westlake City Development (Ciputra Group), Thang Long Cement JSC (Cement Indonesia) PT. Development of Housing (PP) (Persero) Tbk, and PT Wijaya Karya (Persero) Tbk, and (Viet Nam) Sing Group, Ariyana Real Estate JSC, Tan Viet Bac Mining and Construction Capital JSC, Danka Minerals Jsc, Dong Duong Co., Ltd., Hanoi Industry and Construction Co., (Hanoinco), and Hanoi Real Estate Company.