India, Vietnam need to intensify trade relations to achieve potential: MEA Secretary (East)
India has reaffirmed the growing bilateral trade and investment ties with Vietnam and outlined opportunities for further growth
Reaffirming India-Vietnam bilateral ties in business, Secretary (East) Ministry of External Affairs Riva Ganguly Das today said that India is the 7th largest trading partner of Vietnam and the trade relationship between both sides has grown from a meager bilateral figure of US$ 200 million in the year 2000 to US$ 12.34 billion in FY 2019-20.
Addressing a webinar on India Vietnam Business Forum organized by the Indian Chamber of Commerce and Vietnam Chamber of Commerce and Industry today, the Secretary (East) said, “India is the 7th largest trading partner of Vietnam. Our export basket from India to Vietnam includes bovine meat, fishery products, corn, steel, pharmaceuticals, cotton, machinery while our imports from Vietnam include mobile phones, electrical machinery, and equipment, computers, electronic hardware, natural rubber, chemicals, coffee, etc.”
At the same time, she also pointed to the need to tap more opportunities. “Our bilateral trade turnover is still not commensurate with the levels of our economic development. And therefore, we need to do more to broaden and intensify our trade relations to achieve its full potential,” she said.
“Secretary(East) reaffirmed the growing bilateral trade and investment ties between India and Vietnam at today's virtual Business Forum co-organized by the Indian Chamber of Commerce and Vietnam Chamber of Commerce and Industry,” Ministry of External Affairs spokesperson Anurag Srivastava said in a tweet.
Secretary(East) reaffirmed the growing bilateral trade and investment ties between India and Vietnam at today's virtual Business Forum co-organised by Indian Chamber of Commerce and Vietnam Chamber of Commerce and Industry.— Anurag Srivastava (@MEAIndia) October 20, 2020
Full remarks at https://t.co/wWHAo9Raim pic.twitter.com/ZW8BpIS6Uj
Pointing out that India has about 278 projects in Vietnam with total invested capital of US$ 887 million, the Secretary said Vietnamese investments in India is to the tune of US$ 28.55 million primarily in areas of pharmaceuticals, IT, chemicals, and construction materials.
“Our investments are in the sectors of energy, mineral exploration, agro-processing, sugar, tea, coffee manufacturing, agrochemicals, IT and auto-components,” she added.
India and Vietnam share warm and friendly relations based on mutual trust, goodwill, and strategic convergence on several global and regional issues. Both sides share a Comprehensive Strategic Partnership, from political engagement to economic and development partnership, defense and security cooperation, energy cooperation, cultural exchanges, and people-to-people contacts.
Despite the COVID-19 pandemic, both sides have continued to maintain high-level engagements. Vietnamese Vice President Dang Thi Ngoc Thinh visited India in February this year. Earlier in April, Prime Minister Narendra Modi and Vietnamese Prime Minister Nguyen Xuan Phuc spoke on the telephone not only to exchange views on the COVID-19 situation but also to discuss the future trajectory of our bilateral relations.
Addressing the event, Ambassador of Vietnam of India Pham Sanh Chau said that India is the future of the world Vietnamese companies should consider India as a potential investment destination.
“To enhance the momentum of trade between the two countries, business links need to be further strengthened,” he said.
Further, Indian ambassador to Vietnam Pranay Verma noted that for robust economic engagement between the countries, it is important to identify sectors and engage in B-2-B tie-ups.