Mobile phones, electronic spare parts are among Vietnam's exports to India (Photo: VNA) Hanoi (VNA) – Two-way trade between Vietnam and India has grown annually by an average of over 20 percent, higher than trade growth between Vietnam and other nations, since the establishment of bilateral diplomatic ties in 1972, bilateral strategic partnership in 2007 and comprehensive strategic partnership in 2016.
India is now one of the top 10 trading partners of Vietnam while Vietnam is the 15th biggest trading partner of India and the fourth largest in ASEAN. Despite the COVID-19 pandemic, two-way trade is likely to surpass 15 billion USD next year. In particular, National Assembly Chairman Vuong Dinh Hue’s ongoing visit to India will mark an important milestone in bilateral relationship in new normal.
According to the Ministry of Industry and Trade’s Department of Asian Market, India is the most important market of Vietnam in South Asia, with two-way trade accounting for around 80 percent of Vietnam’s total trade with South Asian nations. From 5.5 billion USD in 2016, trade between the two countries surged to 11.2 billion USD in 2020 and is expected to surpass 13 billion USD next year, a record figure.
In ten months of this year, the figure reached approximately 11 billion USD, up 37.7 percent year-on-year.
Vietnam is the second largest supplier of natural rubber to India (Photo: tapchicongthuong.vn)
As of October, Indian firms invested in 310 projects with a total registered capital of 910.29 million USD in Vietnam, placing India 26th out of 141 countries and territories investing in the country.
Vietnamese Commercial Counsellor Bui Trung Thuong said during the NA Chairman’s visit, the Vietnam Trade Office under the Vietnamese Embassy in India will work closely with ministries and agencies, and the Federation of Industries of India to hold 15 trade promotion programmes in various areas. He hoped that more deals will be reached during the events.
A representative from the Ministry of Industry and Trade said the ministry will continue fine-tuning policies and mechanisms to attract investment from India, one of the trustworthy and top priority partners of Vietnam./.
