Vietnam, India eye stronger trade ties

Update: 09:59 | 21/10/2020
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.
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Indian Deputy Minister of External Affairs Riva Ganguly Das speaks at the forum. (Photo: MEA)

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

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

Indian Deputy Minister of External Affairs Riva Ganguly Das affirmed that Vietnam is a pillar in India’s Act East policy and an important partner in the country’s Indo-Pacific Ocean Initiative which is based on shared values and interests in promoting peace, stability and prosperity in the region,

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

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

However, the Indian official said, the bilateral trade has yet to match economic development of the two countries, suggesting them make greater efforts to expand and enhance the relations not only in trade but also in other spheres.

Vietnamese Ambassador to India Pham Sanh Chau said Vietnam and India boast potential to boost their investment links, citing the forecast of certain international banks that the two-way trade would increase an additional 1.1 billion USD each year.

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(Source: VNA)