Vietnam has targeted earnings of 1.75 billion USD per year from exports to Indonesia by 2010, the ministry said. The nation shipped 838,000 tonnes of crude oil to Indonesia during the first six months of the year, earning 371 million USD, up 11.7 per cent and 0.75 percent in terms of volume and value, respectively.
Rice exports of nearly 644,000 tonnes to Indonesia earned nearly 209 million USD, while exports of coffee, tea and rubber also fetched more than 65 million USD from the market.
The ministry said peanuts, sugar and porcelain were among new products being exported to Indonesia, contributing to the overall increase in exports in the first six months of the year.
However, the Ministry of Trade warned that Vietnam’s exports to Indonesia were unsustainable as the major export products lacked diversity. Export earnings to Indonesia could plummet if Indonesia cut off rice and crude oil imports from Vietnam, the ministry said.
Meanwhile, the General Department of Customs reported that Vietnam had an export surplus of more than 160.7 million USD in trade with Indonesia, up 120 million USD over the same period last year.
Vietnam’s imports from Indonesia amounted to 605.7 million USD, and included animal feed, petroleum, clinker and construction glass.