Jointly organised by the municipal Department of Industry and Trade, the Asia-Africa Market Department under the Ministry of Industry and Trade (MoIT), and the Vietnam Trade Office in India, the event saw the participation of representatives from 100 businesses of India and Hai Phong city.
Addressing the event, Vice Director of the municipal Department of Industry and Trade Nguyen Cong Han said the ASEAN-India Free Trade Agreement, which officially took effect in 2010, has helped boost trade relations between Vietnam and India in general, and between Hai Phong and India in particular.
However, the trade turnover between Hai Phong and India remains modest. The trade value between the two sides reached over 202.5 million USD in 2022, down 3.72% compared to 2021. Meanwhile, the figure in the first 10 months of 2023 was 160.86 million USD, up 6.26% year-on-year, he said.
With its advantages in terms of seaports, manufacturing, textiles, footwear, and aquaculture, Hai Phong's industries satisfy the demand and preferences of the Indian market. The event was expected to further boost trade connections between Hai Phong and India firms, contributing to promoting bilateral export-import activities.
Do Quoc Hung, Deputy Director of the Asia-Africa Market Department, said this was a significant event in the context that there remains potential and opportunities for stronger cooperation between Vietnam and India.
The Indo-Vietnamese Chamber of Commerce & Industry (IVCCI), the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Federation of Indian Export Organisations (FIEO), have consistently supported the MoIT and the Vietnam Trade Office in India in promoting economic, trade, and investment relations between the two countries, he added
Chairman of IVCCI in Hanoi Indronil Senguta highly evaluated the business and investment environment in Vietnam, saying that the Southeast Asian country has effectively leveraged the global trend of production chain diversification by major corporations in the world.
Numerous Indian investors are very interested in the Vietnamese market, especially in provinces and cities with convenient connectivity and transport like Hai Phong, which is considered Vietnam’s northern gateway, he said.
Hai Phong is one of the most important economic hubs in Vietnam, ranking third among the largest contributors to the national budget. Hai Phong is the largest import-export centre in the North, having trading relations with more than 40 countries and territories around the world.
By September 30, 2023, the port city attracted over 1,000 foreign direct investment (FDI) projects worth nearly 28 billion USD. In the first nine months of this year, FDI inflows in the city hit over 3 billion USD, up over 140% compared to the same period last year.