in the central city of Danang on Thursday.
On display at 32 booths are cars and components, food stuffs and beverages, paper, fine arts and handicrafts, as well as fashion products.
In his speech at the fair’s opening ceremony, Indonesian Ambassador to Vietnam Ibnu Hadi said the event aimed to advertise Indonesia’s image and its quality products, deliver updated information about bilateral relations between Vietnam and Indonesia in trade, investment and tourism while helping the two countries’ businesses seek new co-operation opportunities.
A dialogue between Vietnamese and Indonesian businesses is slated to be held on Saturday on the sidelines of the fair. Co-organized by the Indonesian Embassy and the Vietnam Chamber of Commerce and Industry, the forthcoming event is expected to attract about 100 businesses from two countries.
The fair runs until Sunday.
Bilateral economic co-operation between the two nations has experienced encouraging results over past years.
Two way trade reached US$5.6 billion in 2016 and $4.72 billion in the past nine months, up 23 percent year-on-year. Of the total, Vietnamese exports $2.11 billion worth of goods to Indonesia while its imports from the market hit $2.61 billion.
Among Vietnam’s exports to Indonesia included chemicals, paper and paper products, plastics materials, telephones and telephone components. Meanwhile, Vietnam mainly imported automotive items and coal from Indonesia.
In terms of investment, Indonesian businesses have pumped $39 million into Vietnam over the past 10 months. The latest addition has brought Indonesian investment in the country up to a total of $453.4 million, ranking 30th among 128 countries and territories investing in the country.
These figures, however, fail to match the potential of the two countries, trade experts said.
Vietnam and Indonesia are working hard together to raise two-way trade to $10 billion next year.
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