Business

Vietnam, India eye stronger trade ties

An online business forum was held on October 20, aiming to enhance trade and investment ties between Vietnam and India, especially amidst the COVID-19 pandemic.
Vietnam, India eye stronger trade ties ảnh 1Indian Deputy Minister of External Affairs Riva Ganguly Das speaks at the forum. (Photo: VNA)

New Delhi (VNA) – An online business forum was held on October 20, aiming to enhancetrade and investment ties between Vietnam and India, especially amidst theCOVID-19 pandemic.

The event wasco-organised by the Indian Chamber of Commerce, and the Vietnam Chamber ofCommerce and Industry (VCCI) and the Investment Promotion Centre-South Vietnam(IPCS) under the Vietnamese Ministry of Industry and Trade.

The forum offered anopportunity for Vietnamese and Indian businesses to learn about mechanisms, policiesand laws, investment opportunities and market potential of the two countries.

Indian DeputyMinister of External Affairs Riva Ganguly Das affirmedthat Vietnam is a pillar in India’s Act East policy and an important partner inthe country’s Indo-Pacific Ocean Initiative whichis based on shared values and interests in promoting peace, stability andprosperity in the region,

She said two-way trade expanded from only 200 million USD in 2000 to 12.34billion USD in the 2019-2020 fiscal year.

As of June, India had about 278projects in Vietnam with total invested capital of 887 million USD, accordingto Vietnam's Foreign Investment Agency.

However, the Indian officialsaid, the bilateral trade has yet to match economic development of the twocountries, suggesting them make greater efforts to expand and enhance the relationsnot only in trade but also in other spheres.

Vietnamese Ambassador to IndiaPham Sanh Chau said Vietnam and India boast potential to boost their investmentlinks, citing the forecast of certain international banks that the two-waytrade would increase an additional 1.1 billion USD each year./.

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