Vietnam, India likely to complete trade target this year: official

New Delhi (VNA) – Vietnam and India may complete the goal of 15 billion USD in two-way trade this year despite impacts from  the COVID-19 pandemic and geostrategic competition in the region and in the world, according to Vietnamese Trade Counsellor in India Bui Trung Thuong.

Thuong noted that trade between the two countries reached 11.43 billion USD in the first nine months of this year, a year on year rise of over 16%, with Vietnam’s trade surplus of 6.13 billion USD, up 35%.

Bilateral cooperation in tourism and investment also grew with the resumption and launch of direct air routes, he said, adding that Adani Group has committed to pouring 10 billion USD in Vietnam.

The official underlined that Vietnam and India can supplement each other in economic production. India is an important supplier of materials, while Vietnam has high demand for materials in service of production and export. Currently, India is Vietnam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials, he added.

The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters.

However, according to Thuong, the presence of Vietnamese businesses in the market has remained modest, while the administrative and legal system of India has been complicated with toughest trade defence measures, which has caused great difficulties for Vietnam in approaching the market.

As part of the efforts to support Vietnamese firms to penetrate the market more deeply, the Vietnam Trade Office in India has organised online trade promotion activities, especially amid the COVID-19 pandemic, said the official.

The office has also connected many Vietnamese firms with their Indian peers and helped deal with trade conflicts, while providing domestic businesses with trade defence cases initiated by the Indian side, he said.  

Thuong said that as Vietnam and India are celebrating the 50th anniversary of the diplomatic relations this year, the office has coordinated with relevant agencies to organise 50 trade promotion activities, and sent businesses of both sides to international trade fairs in Vietnam and India./.