Illustrative image (Photo: VNA) HCM City (VNA) – Vietnam and India boast huge potential for trade cooperation acrossspheres, particularly in technology, mechanics, machinery, and joining the globalsupply chains following the COVID-19 pandemic, heard a conference on September 22.
The conference washeld online by the Vietnam Chamber of Commerce and Industry (VCCI) and the EngineeringExport Promotion Centre (EEPC) of India.
EEPCChairman Mahesh Desai said Vietnam is one of the major markets inIndia’s Look East Policy, lauding Vietnam’s high economic growth rate anddynamic and diverse development, which has helped the country become an attractivedestination for investors.
BothVietnam and India have paid attention to technologies and production, and aimto integrate more deeply into the global supply chains.
Notably,in the context of many connectivity chains disrupted by COVID-19, the two countriesare seeking new partners and markets, he said, adding that India will step uptrade promotion to establish ties with partners like Vietnam in order tooptimise their potential, Desai stressed.
Vietnamand India have favourable conditions to enhance their cooperation as they aremembers of many economic forums in Asia-Pacific. The two governments haveagreed to join hands in various spheres such as e-commerce, energy andproduction.
IndianAmbassador to Vietnam Pranay Verma pointed out that the two-way trade hasyet to match the two countries’ potential, and suggested the two countries enhancetheir collaboration in mechanisation, machinery and agriculture, especially duringthe post-COVID-19 period.
VCCIVice President Vo Tan Thanh said the bilateral trade exceeded 11.2 billion USDlast year, with Vietnam’s exports to India worth over 6.6 billion USD. In thefirst seven months of this year, the trade value reached more than 5 billionUSD, including nearly 2.6 billion USD worth of Vietnam’s exports to India.
Interms of investment, as of April 2020, India ranked 26th out of 136countries and territories investing in Vietnam, with a total of 272 projectsvalued at 887 million USD, mostly in oil and gas, mining, IT and agriculture.
With its successes in containing COVID-19, Vietnam has been seen as a safe andtrustworthy destination for foreign investors, he said, suggesting Indian investorsexpand their operations in Vietnam in the fields of garment-textile, footwearand cattle feed to make the best use of the EU-Vietnam Free Trade Agreement./.
VNA
