An online trade promotion seminar was held on May 20, serving as a bridge for the Vietnamese community in India to share their experiences with domestic businesses and discuss trade prospects and investment opportunities in the South Asian country.

The online event was jointly held by the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade, alongside the Vietnam Embassy in India, the Vietnamese Association in India and Nepal, in addition to the Indian Importers Chambers of Commerce & Industry. 

The occasion opened with Le Hoang Tai, VIETRADE Deputy Director, outline how with India being one of the most populous countries globally, there is an increasing demand for a diverse range of commodities, therefore opening up a wealth of opportunities for Vietnamese goods to penetrate the market. 

With growing demand, Vietnamese agricultural products and processed foods, namely items such as dragon fruits and basa fish, are set to enjoy bright export prospects along with other farm produce such as cashew nuts, coffee, pepper, rubber, and spices.

Throughout the seminar, both sides underlined the need to promote co-operation to develop value chains in sectors such as textiles, footwear, electronic equipment, machinery, and mechanical products. 

Participants pointed out that some groups of goods of the two countries are able to complement each other, such as iron and steel, metals, chemicals, pharmaceuticals, along with plastics and other plastic products.

Mr Tai emphasised that the total import-export turnover between Vietnam and India enjoyed a 2.06-fold increase from US$5.43 billion to US$11.21 billion between 2016 and 2019.

Last year saw Vietnam record a trade surplus of US$2.1 billion with the South Asian giant after going several years of recording an overall trade deficit. Following this, the opening four months of the year saw the nation enjoy a trade surplus of US$321 million with India.

To achieve the goal of increasing exports to India, one of the most important and convenient trade channels comes through the Vietnamese community that lives and conducts business in this market. At present, there are approximately 500 Vietnamese nationals living and working in India.

Nguyen Thu Hien, a representative from the Indian Importers Chambers of Commerce & Industry, advised local firms to gain greater insights into Indian customs and culture as a way of increasing exports.

Furthermore, domestic enterprises should be striving to overcome challenges in terms of language, the transport of goods by sea, and the fierce competition that exists with businesses from regional countries such as Thailand and Malaysia.

Delegates expressed their great hope that overseas Vietnamese entrepreneurs and intellectuals will be capable of serving as a bridge for Vietnamese firms as they try to gain entry into the Indian market in the near future.