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Economic cooperation a Vietnam-India strategic objective

The Vietnamese and Indian leaders have agreed that economic cooperation between both countries should be pursued as a strategic objective, said an Indian expert.
The Vietnamese and Indian leaders have agreed that economic cooperationbetween both countries should be pursued as a strategic objective, saidan Indian expert.

Talking to a Vietnam News Agencycorrespondent in New Delhi , Jayadeva Ranade, President of the Centrefor China Analysis and Strategy (CCAS), stated that potential foreconomic cooperation between Vietnam and India is still very largeand has not been fully tapped.

The two countries have beencooperating extensively in the economic field and India has offeredVietnam 18 Lines of Credit to date, he said, adding that Prime MinisterNguyen Tan Dung’s recent visit to India focused mainly on economicengagement besides the other facets of strategic cooperation.

It was also noted that there has been strong growth in bilateral tradein recent years, particularly after the India-ASEAN trade in GoodsAgreement.

According to the analyst, the recently-signed FTAbetween India and ASEAN in services is expected to create a strongmomentum for India-Vietnam economic collaboration. RCEP is anothermultilateral agreement that will enhance economic engagement between thetwo nations in the future.

Priority areas for economiccooperation include hydrocarbons, power generation, infrastructure,tourism, textiles, footwear, medical and pharmaceuticals, information& communications technology (ICT), electronics, agriculture,chemicals, machinery, and support industries.

The two countries have set to raise their two-way trade to 15 billion USD in 2015 from the current 7 billion USD.-VNA
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