The Governments and business communities of India and Vietnam should work together to achieve the 2015 trade target of 7 billion USD and 15 billion USD in 2020, said Vietnamese Ambassador to India Ton Sinh Thanh.

The ambassador made the suggestion during a seminar in India on February 12, jointly organised by the embassy and the Federation of Indian Export Organisations (FIEO) to provide Indian businesses and investors with insight into Vietnam’s recent economic growth and its renovated tariff and investment policies.

Thanh highlighted the increasingly fruitful relationship between Vietnam and India, noting that the two nations work closely in regional and global forums, such as the United Nations, World Trade Organisation, ASEAN, East Asia Summit (EAS) , and Asia-Europe Meeting (ASEM).

He discussed the status of Vietnam’s negotiations on free trade agreements (FTA) between ASEAN and India and the signed FTAs with China, the Republic of Korea, Australia, New Zealand, and the Russia-Belarus-Kazakhstan Customs Union, as well as current negotiations with the European Union and on the Trans-Pacific Partnership (TPP) agreement.

India is now one of Vietnam’s ten largest trading partners with a 14 percent increase in annual trade since 2008, Thanh said, adding that Vietnam is an attractive destination for Indian firms.

Indian investors have poured 258 million USD into 85 projects in Vietnam thus far. The two nations are cooperating in oil and gas exploitation projects.

Speaking at the event, FIEO General Director Ajay Sahai spoke of Vietnam’s role in his country’s Look East policy, saying that Vietnam serves as a gateway between India and other Southeast Asian nations and that there is great potential for the two sides to further promote their future economic cooperation.

According to Ajay, the Vietnam-India trade revenue has surged remarkably in recent years, from 2.36 billion USD in 2009 to 8.03 billion USD in 2013-2014.

At the seminar, representatives from Indian enterprises shared their experience in the Vietnamese market for those interested in entering.-VNA