At the India – Vietnam Business Conference (Photo: VNA) HCM City (VNA) – The India – Vietnam Business Conference 2024 was heldin Ho Chi Minh City on March 8, creating business cooperation opportunities forenterprises of both sides.
Jointly held by the Vietnam Chamber of Commerce and Industry’s HCM City branch(VCCI HCM) and India’s Rourkela Chamber of Commerce and Industry (RCCI), theevent drew the participation of leading Indian firms who are operating insteel, coal, IT, electronics, industrial machines, building materials,transportation, tourism, among others.
The businesses were updated with information on business climate as well aspolicies to develop economic and trade ties of Vietnam and India.
According to VCCI HCM Director Tran NgocLiem, India is one of Vietnam’s top ten trading partners while Vietnam is animportant country in India’s Act East Policy, and is among four ASEAN memberstates having trade relations with India.
Two-way trade in 2023 was 14.36 billion USD, withVietnam’s export rising 6.8% year-on-year to 8.5 billion USD and import falling17.2% to 5.86 billion USD.
Statistics from the VCCI showed that most of Vietnam’s exports are computers,mobile phones and parts, steel, chemical, wood and wooden products, footwear,and coffee. In the meantime, India is an important supplier of raw materialsand finished products for Vietnam regarding steel, chemicals, pharmaceuticals,garment and textiles and animal food.
India has registered some 1 billion USD in more than 400 projects in Vietnam,making it the 26th largest investors among 141 countries and territorieswith investments in the country.
Liem said as the two countries target 20 billion USD in two-way trade revenuein the coming time, they should bolster collaboration in the fields that theyhold strengths and competitive edge such asmining, chemicals, healthcare-pharmaceuticals, supporting industry and IT.
For his part, RCCI President Sunil Kaya said that Vietnam and India boast hugepotential to cooperate, given the signed the Double Taxation AvoidanceAgreement, the agreement on encouragement and protection of investments, and theone on trade and economic cooperation.
On the basis of the positive development in the bilateral trade and investmentties, the conference was organised to help business communities of both sidesto enhance business relations in the time ahead.
Experts at the event held that along withstudying Indian market, Vietnamese enterprises should understand Indian cultureso as to set up sustainable relations with their partners.
Additionally, they should adjust marketing strategies to suit the Indian market's taste and trends, the experts stressed./.
Jointly held by the Vietnam Chamber of Commerce and Industry’s HCM City branch(VCCI HCM) and India’s Rourkela Chamber of Commerce and Industry (RCCI), theevent drew the participation of leading Indian firms who are operating insteel, coal, IT, electronics, industrial machines, building materials,transportation, tourism, among others.
The businesses were updated with information on business climate as well aspolicies to develop economic and trade ties of Vietnam and India.
According to VCCI HCM Director Tran NgocLiem, India is one of Vietnam’s top ten trading partners while Vietnam is animportant country in India’s Act East Policy, and is among four ASEAN memberstates having trade relations with India.
Two-way trade in 2023 was 14.36 billion USD, withVietnam’s export rising 6.8% year-on-year to 8.5 billion USD and import falling17.2% to 5.86 billion USD.
Statistics from the VCCI showed that most of Vietnam’s exports are computers,mobile phones and parts, steel, chemical, wood and wooden products, footwear,and coffee. In the meantime, India is an important supplier of raw materialsand finished products for Vietnam regarding steel, chemicals, pharmaceuticals,garment and textiles and animal food.
India has registered some 1 billion USD in more than 400 projects in Vietnam,making it the 26th largest investors among 141 countries and territorieswith investments in the country.
Liem said as the two countries target 20 billion USD in two-way trade revenuein the coming time, they should bolster collaboration in the fields that theyhold strengths and competitive edge such asmining, chemicals, healthcare-pharmaceuticals, supporting industry and IT.
For his part, RCCI President Sunil Kaya said that Vietnam and India boast hugepotential to cooperate, given the signed the Double Taxation AvoidanceAgreement, the agreement on encouragement and protection of investments, and theone on trade and economic cooperation.
On the basis of the positive development in the bilateral trade and investmentties, the conference was organised to help business communities of both sidesto enhance business relations in the time ahead.
Experts at the event held that along withstudying Indian market, Vietnamese enterprises should understand Indian cultureso as to set up sustainable relations with their partners.
Additionally, they should adjust marketing strategies to suit the Indian market's taste and trends, the experts stressed./.
VNA
