Vietnam, India aim for US$15 billion bilateral trade volume by 2020

Monday, 2018-11-19 21:54:30
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Vietnamese and Indian speakers at the forum
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NDO – The two-way trade revenue between Vietnam and India is on course to increase and is expected to hit US$15 billion by 2020, heard the Vietnam India Business Forum, held in Hanoi, on November 19.

Entitled "Building stronger ties for economic integration", the forum witnessed the participation of Indian President Ram Nath Kovind, Vietnamese Deputy Prime Minister Trinh Dinh Dung, and hundreds of Indian and Vietnamese enterprises.

The event held four sectorial sessions, including "Agri, Agro-processing, agro chemicals, food and food processing and food products", “Healthcare and Pharmaceuticals”, “Power, Energy, Renewable Energy, Oil & Gas, Infrastructure" and “Service – Information Technology, Communications, Education, Aviation and Tourism”.

Nguyen Quoc Toan, Acting Director General of Agro Processing and Market Development Department, under the Ministry of Agriculture and Rural Development, emphasised the fruitful comprehensive strategic partnership between Vietnam and India, particularly the agricultural cooperation, which has brought about practical results.

Since the establishment of the Vietnam-India Comprehensive Strategic Partnership in 2016, the bilateral trade revenue has increased from US$7.8 billion in the 2015-2016 period to US$12.8 billion in the 2017-2018 period. India is also one of the 10 largest trading partners of Vietnam.

He noted that the two sides are working to approve the import of five Vietnamese fruits to India including blue dragons, longans, pomelos, rambutans and durians, and the export of three Indian fruits to Vietnam including grapes, pomegranates, and millet.

Through the forum, Vietnam expects more cooperation with India in the areas of India’s strength such as farmer training, agricultural disease control, and the application of technology in tracing the origin of farm produce, Toan said.

Vietnam is also one of the world’s leading exporters of rice, coffee and seafood, which boasts huge opportunities for the Vietnam and India bilateral agricultural cooperation, Toan noted.

Speakers and businesses of both countries also introduced the potential, strength and cooperation opportunities in the areas of healthcare, pharmaceuticals, energy, services, information technology and other sectors.

Addressing the forum, Vietnamese Deputy PM Trinh Dinh Dung expressed his wish that Indian enterprises would boost investment in the Vietnamese market, particularly in the areas of renewable energy, manufacturing, information technology, infrastructure development, and others.

Meanwhile, the Indian President said that the Vietnam-India business relationship presents prospects for engagement in financial services, information technology, digital economy, hydrocarbons, defence, renewable energy, mining, healthcare, tourism and civil aviation, among others.

He affirmed that Vietnam is a very important trading partner for India in ASEAN, and India is now among the 10 largest trading partners of Vietnam. He noted that the bilateral economic relations have made significant achievements, but a lot more is waiting to happen. The Indian President called on Indian and Vietnamese enterprises to cooperate for enhanced trade as well as technology and investment partnership.

Business representatives also raised problems that they have encountered during their business operations and hoped for more support from the Governments and authorised agencies of both sides to facilitate their operations.

The forum, which is part of the Indian President’s State visit to Vietnam, is jointly held by the Indian Embassy in Vietnam, Indian Business Chamber in Vietnam (INCHAM), Vietnam Chamber of Commerce and Industry (VCCI), the India IMC Chamber of Commerce and Industry (IMC), and the Associated Chambers of Commerce of India (ASSOCHAM).