New milestones in Vietnam – India trade
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.
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./.