Business

Vietnam, India promote trade ties

Representatives from 11 leading Indian businesses have met with their Vietnamese partners in Ho Chi Minh City.
Representatives from 11 leading Indian businesses have met with theirVietnamese partners in Ho Chi Minh City.

Themeeting is an annual trade promotion activity held by India ’sChemicals and Allied Products Export Promotion Council (Capexil) inVietnam .

The participating Indian businesses areoperating in such industries as automobile manufacture, buildingmaterials, printing, telecommunications, painting, rubber, battery,cement, ship building, sea port, and oil rig making.

Addressing the event, Acting Consul General Kuldeep Singh said thatVietnam is one of the important factors of India ’s Look Eastpolicy.

Vietnam and India have signedprotocols on economic and trade cooperation, double taxation avoidance,bilateral investment promotion and scientific and technologicalcooperation. Numerous Indian goods are enjoying tax preferences sincethe India-ASEAN free trade agreement took effect on June 1, 2010.

Two-way trade between Vietnam and India has risenfrom 72 million USD in 1995 to over 2 billion USD in 2009 despite theglobal financial and economic crisis.

By the end oflast year, India had 38 investment projects totalling 201.4 millionUSD in Vietnam , ranking 29 th among 89 foreign investors in thecountry./.
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