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Trade Mission to Vietnam & Indonesia
Vietnam
The 2001 U.S.–Vietnam Bilateral Trade Agreement (BTA) transformed the bilateral commercial relationship between both nations and accelerated Vietnam’s entry into the global economy, with Vietnam joining the World Trade Organization (WTO) in January 2007. Vietnam has grown to become the U.S.’s 13th largest export destination in Asia, and Virginia’s 10th largest export destination in the region. In 2022, exports to Vietnam were valued at $11.36 billion for the U.S. and $206.9 million for Virginia. The top categories of U.S. goods benefiting from the increase of exports are electrical machinery, cotton, aircraft, plastics, and machinery products. Agriculture accounted for 30 to 40 percent of total U.S. exports to Vietnam, the country remaining a top 10 market for U.S. food and agricultural products. Industrial inputs are also seeing a continued steady growth as Vietnam continues to import machinery, chemicals, instruments, and software to support its growing industrial sector. Vietnam is a great export destination with a population of over 98 million consumers that have a positive view and preference towards United States products. Vietnam has the demographics necessary for continuous growth over the next 20 years and it is an economic rising star in the Asia region. Many U.S firms are now looking towards this market as a key component to their growth strategies in Asia. Vietnam has shown to have the fastest growing middle and affluent class in the region, providing the right demographics for growth and receptivity to U.S. products and services.
The top opportunities for Virginia exporters in Vietnam include:
- Agriculture
- Defense and Security Sector
- Education and Training
- Aviation
- Healthcare
- Information and Communication Technology (ICT)
- Environmental Technology
- Power Generation, Transmission, and Distribution
Indonesia
Indonesia is Southeast Asia’s largest economy with a GDP of about $1.32 trillion in 2022. In Asia, Indonesia is the U.S.’ 14th largest export destination and Virginia’s 9th largest export destination. Export values for 2022 reached $9.8 billion and $242 million, respectively. Indonesia’s economy has rebounded significantly since contracting in 2020, exceeding the 2019 GDP with $1.19 trillion in 2021. At the end of 2022, Indonesia’s economy grew by 5.3% returning to growth levels seen pre-pandemic. Indonesia is a thriving democracy with significant regional autonomy. The country is located on one of the world’s major trade routes and has extensive natural resource wealth distributed over an area the size of the continental United States and is comprised of over 17,500 islands. President Joko Widodo and his administration have made it their focus to improve infrastructure, diversify the economy, and reduce barriers to doing business in Indonesia; this is all to propel the economy beyond middle-income status over the next generation. The Indonesian economy possesses sound fundamentals of social stability, strong domestic demand for goods and services, steadily increasing foreign reserves (about $137.5 billion in June 2023), and stable prices with moderate-to-low inflation.
The top opportunities for Virginia exporters in Indonesia include:
- Information and Telecommunications Technology
- Aviation
- Energy
- Financial Services (Financial Technology)
- Healthcare (Medical Devices and Equipment)
- Education and Training
- Environmental Technology
- Agriculture
Registration Deadline
Contact
Frequently Asked Questions
Based on past trade missions, we expect 6-10 Virginia companies to participate. The registration process is ongoing until the trade mission is full or the registration deadline has passed.
You must pay the trade mission participation fee of $2,500 to the VEDP at the time of registration. The participation fee includes the following:
- Identifying, contacting and pre-qualifying local distributors, reps and/or partners and organization of your meetings with interested prospects
- A “Doing Business In” briefing on the market(s)
- Your VEDP Trade Mission Leader and in-country consultant on hand during the week to ensure everything runs to plan
- Interpreter if needed
All travel expenses including airfare, hotels, meals, individual ground transportation to be paid directly by each participant. Additional estimated costs you will incur include (but are not limited to):
- Roundtrip airfare
- Hotels (7 nights)
- Meals
- Airport transfers, taxis, and other miscellaneous items
In most cases, you will be traveling independently to the locations of the local companies with which you are meeting. Because most appointments will be held at the companies’ locations, travel and other logistics may prevent each delegate from having a minimum of 3-4 meetings each day of the trade mission.
For travel between meetings, our consultants will recommend the most effective method of transportation. This will likely be a local car/driver.
If required, interpreters will be provided for meetings and are included in your registration fee.
Airline tickets: You book (and pay for) your own airline ticket via local travel agent or online air travel website. If you do not have a travel agent, the Trade Mission Leader can recommend one for you.
Hotels: VEDP will choose the hotel(s) and make reservations at a pre-negotiated government rate for each delegate. However, delegates will be responsible for their own hotel charges throughout the mission. All delegates will stay at the same hotel in order to facilitate logistics as well as to encourage the interaction and networking that is always a collateral benefit of traveling with a group. You will pay all hotel room charges directly to the hotel.
Contact your local International Trade Manager or the Trade Mission Leader immediately! We only want you to make the trip if we think there is good market potential for your company. We can perform exploratory market research within a short period of time to verify market potential for you.