On the morning of July 18, a trade connection conference between Indian and Vietnamese businesses in the fields of mechanical engineering, electricity-electronics, digital technology and energy took place in Ho Chi Minh City.

Businesses attend the trade connection conference. Photo: Thanh Minh

The event was organized to support Vietnamese businesses in the fields of mechanical engineering, electricity-electronics, digital technology and energy to connect, and exchange experiences and techniques with Indian businesses. It also updates new technology, meeting technical standard requirements to export products to the Indian market.

The Vietnam-India comprehensive strategic partnership has achieved impressive results in many fields, especially trade. According to statistics from the General Department of Vietnam Customs, trade exchange between the two countries has increased more than 60 times, from US$200 million (in 2000) to over US$14.36 billion (in 2023), making India Vietnam's 8th largest trading partner.

Indian businesses visit booths introducing products in the mechanical, electrical-electronics, digital technology, and energy industries at the conference. Photo: Thanh Minh

In the first six months of 2024, import-export turnover between the two countries reached US$7.18 billion. Export turnover from Vietnam to India reached US$4.37 billion.

At the local level, Ho Chi Minh City's export turnover to India in the first six months of 2024 reached US$240 million, an increase of 18% over the same period in 2023.

Sharing at the conference, Dao Minh Chanh, deputy director of the Ho Chi Minh City Trade and Investment Promotion Center said that India has always been a strategic trade partner of Vietnam, and the two sides still have a lot of potential for development.

In particular, the mechanical, electrical and electronics, digital technology, and energy industry is one of the industries with the largest import-export turnover of the two countries. Both Vietnam and India are focusing on developing this industry and this is a good time to promote cooperation in a more effective direction.

"Through today's event, businesses from both countries will find many potential partners and new import-export business cooperation opportunities in the two countries' markets.

This contributes to further promoting the comprehensive strategic partnership between the two countries in general as well as the good cooperative relationship between India and Ho Chi Minh City particularly," Dao Minh Chanh said.

Tran Hoai Nam, deputy chairman of ​the HCM City Association of Mechanical-Electrical Enterprises (HAMEE) said that, with advantages such as a strategic location in Asia, a young workforce, a large market, and a fast-growing economy, the two countries can promote cooperation in the fields of production, mechanical engineering, infrastructure construction, renewable energy, information technology, scientific research development and new technology application.

At the conference, Rohit Sharma, head of ASEAN & Oceania, Confederation of Indian Industry gave an overview of the Indian market. He said that Vietnam and India are important trading partners of each other.

According to Rohit Sharma, Vietnam and India still have a lot of potential and room to develop with the two countries' large markets, including mechanical engineering, electricity and electronics, digital technology and energy.

He believes that with the efforts of the two sides in understanding market needs, connecting businesses, and implementing investment and trade promotion activities, import and export activities between the two countries will be promoted.