Vietnam-India trade turnover reaches US$5.15 billion

The bilateral trade turnover between Vietnam and India brought in US$5.15 billion as of the end of November, reaching the bilateral trade value target of US$5 billion set in July 2007, one year earlier than planned, when the two countries established the strategic partnership, the General Department of Customs announced.

Vietnam and India agrees to reach the target of a US$15 billion two-way trade value by 2020. (Credit: VGP)
Vietnam and India agrees to reach the target of a US$15 billion two-way trade value by 2020. (Credit: VGP)

The turnover was an 8.37% year-on-year rise over US$4.75 billion last year.

Exports brought US$2.27 billion, a 3.72% year-on-year increase over US$2.19 billion last year, while imports made US$2.88 billion, a 12.34% rise over the same period last year.

Sharp increases have been seen in exports, including 10,162 tonnes of pepper, approximately 119.21% over the same period last year; metal, 114.07%; chemicals, 71.31%; transportation vehicles, 59.43% and coffee, 36.24%.

Increased imports included sea food with US$320.84 million, a 183.74% rise; 125,378 tonnes of cotton, worth US$237.28 million; machines and equipment with a US$95.53 million increase; metal with a US$436.67 rise and a US$28.54 million rise in textile and garment materials.

During Prime Minister Nguyen Tan Dung’s recent official visit to India in November at the invitation of Indian PM Narendra Modi, the two sides agreed to take measures to boost and diversify bilateral trade ties for mutual interests towards the target of a US$15 billion two-way trade value by 2020.

VGP - Translated by NDO