Hai Phong eyes stronger trade cooperation with India
New Delhi (VNA) – A conference
promoting business opportunities and connection between the northern port city of Hai Phong and
Indian partners has been held in both face-to-face and online formats as part of the Red River Delta – Hai Phong Industry and Trade Fair hosted by
the municipal People’s Committee.
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./.