New milestones in Vietnam – India trade

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.

Thursday, December 16, 2021 09:22

New milestones in Vietnam – India trade ảnh 1

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 ofover 20 percent, higher than trade growth between Vietnam and other nations,since the establishment of bilateral diplomatic ties in 1972, bilateral strategicpartnership in 2007 and comprehensive strategic partnership in 2016.

India is now one of thetop 10 trading partners of Vietnam while Vietnam is the 15th biggesttrading partner of India and the fourth largest in ASEAN. Despite the COVID-19pandemic, 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 animportant milestone in bilateral relationship in new normal.

According to the Ministry ofIndustry and Trade’s Department of Asian Market, India is the most importantmarket of Vietnam in South Asia, with two-way trade accounting for around 80percent of Vietnam’s total trade with South Asian nations. From 5.5 billion USDin 2016, trade between the two countries surged to 11.2 billion USD in 2020 andis expected to surpass 13 billion USD next year, a record figure.

In ten months of thisyear, the figure reached approximately 11 billion USD, up 37.7 percentyear-on-year.

New milestones in Vietnam – India trade ảnh 2

Vietnam is the second largest supplier of natural rubber to India (Photo: tapchicongthuong.vn)

As of October, Indian firmsinvested in 310 projects with a total registered capital of 910.29 million USDin Vietnam, placing India 26th out of 141 countries and territoriesinvesting in the country.

Vietnamese CommercialCounsellor Bui Trung Thuong said during the NA Chairman’s visit, the VietnamTrade Office under the Vietnamese Embassy in India will work closely withministries and agencies, and the Federation of Industries of India to hold 15trade promotion programmes in various areas. He hoped that more deals will bereached during the events.

A representative from theMinistry of Industry and Trade said the ministry will continue fine-tuningpolicies and mechanisms to attract investment from India, one of thetrustworthy and top priority partners of Vietnam./.

VNA

#two-way trade #Vietnamplus #Vietnam News Agency #bilateral diplomatic ties #comprehensive strategic partnership #Ministry of Industry and Trade India Vietnam

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