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Vietnam, India eye 15 billion USD bilateral trade revenue in 2020

Vietnam and India have targeted trade revenue of 7 billion USD in 2015, increasing to 15 billion USD by 2020.
Vietnam and India have targeted trade revenue of 7 billion USD in 2015, increasing to 15 billion USD by 2020.

These goals were unveiled at the second meeting of the Vietnam-India joint subcommittee in Hanoi on January 20.

During the meeting both sides agreed to enhance strategicpartnership, remove trade barriers, and facilitate investments in keyindustries such as oil and gas and garment and textiles towards theintended growth.

They will continue to strengthencollaboration within the ASEAN – India framework and advancenegotiations of the Regional Comprehensive Economic Partnership (RCEP). Acentre for commerce and investment between ASEAN and India is expectedto be developed soon.

Addressing the function, IndianCommerce and Industry Deputy Minister Rajeev Kher affirmed that Vietnamcontinues to be a pillar in his country’s Look East policy.

Cao Quoc Hung, Deputy Minister of Industry and Trade, highlightedpositive economic changes resulting from the two countries’ partnershipin recent years, adding his wish to enhance the ties even further.

According to official statistics from the Ministry of Industry andTrade, total bilateral trade revenue worth 5.15 billion USD betweenVietnam and India from January to November 2014 includes 2.27 billionUSD from export and 2.88 billion USD from import, a 4.5 and 12.5 percentrespective annual increase.

Vietnam primarily exportselectronic products, machines, agricultural goods, and apparel to India,importing fishery products, medicines, and spare parts.

Currently, there are 84 projects across Vietnam invested by India,valued at 258 million USD. Most of the projects belong to the energy andfood processing industries.-VNA
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