A Vietnamese pavilion at the World Furniture Expo (WOFX) in Mumbai, India (Photo: VNA) In late March, the Indian Ministry of Commerce andIndustry’s Directorate General of Foreign Trade (DGFT) announcedthe country’s new foreign trade policy in 2023, which is an important policythat will have both short-term and long-term impacts on India's import andexport activities.
Addressing the event, Bui Trung Thuong, Trade Counsellor of Vietnam inIndia, updated participants on information related to India's export situation in recentyears and noteworthy highlights in the South Asian nation’s new foreign tradepolicy.
Accordingly, India will implement supportivepolicies and simplify business activities by managing and granting licences online,reducing administrative procedures and costs related to the implementation ofadministrative procedures. The country will also evaluate exporters basedon their total annual export values, thus determining tax and interest rate incentives.
The new trade policy of India includes strategies to promote exports oftextiles and dairy products, encourage farmers to apply technologies tino productionin order to improve the productivity and quality of products; develop a greeneconomy with the goal of cutting emissions to net zero by 2070, and promote the productionof technological products such as electric vehicles and water waste recycling.
Thuong stressed that Vietnamese businesses wishing to set up and enhancetrade links with India can identify the demand of the Indian market through carryingout market research and analysis activities in states, districts and townsacross the country.
The Vietnam Trade Office in India alwaysaccompanies and supports businesses in seeking and connecting with Indian partners,however, Vietnamese enterprises should also directly explore the market, hesaid.
Vietnamese enterprises operating in the fields of information technology andbanking services can explore new opportunities for cooperation with India asthe South Asian nation is emerging as a powerhouse of startups and innovation,Thuong noted.
India aims to earn 2 trillion USD from exporting goods by2030.
Two-way trade between Vietnam and India saw a yearly increaseof 13.6% to 15.05 billion USD in 2022, including 7.96 billion USD worth of Vietnamese exports, up 26.8% year-on-year./.
VNA
