The strengthening of trade exchange between Vietnam and India not only by the traditional method but also in the online format has contributed to promoting the comprehensive strategic partnership between the two countries, said Hoang Minh Chien, deputy head of the Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade.

Hoang Minh Chien (C), deputy head of the Vietnam Trade Promotion Agency
at the event (Photo: VNA)

The strengthening of trade exchange between Vietnam and India not only by the traditional method but also in the online format has contributed to promoting the comprehensive strategic partnership between the two countries, said Hoang Minh Chien, deputy head of the Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade.

He made the statement at the Vietnam - India trade exchange conference which was held virtually by VIETTRADE and the Vietnamese Embassy in India on July 9.

According to Chien, in the context of the COVID-19 pandemic, the agency has promoted the organisation of a number of online trade promotion programmes with India and has always received the effective coordination and support of Indian trade promotion organisations including Indian Importers Chambers of Commerce and Industries, the Gujarat Chamber of Commerce & Industry, the Vietnamese Embassy in India, the partners and businesses of the two countries.

Do Thanh Hai, Counselor at the Vietnamese Embassy in India, said that textiles and garment, pharmaceuticals, supporting industries, renewable energy sector, and agricultural products are the driving force for trade relations, and many other industries have great potential.

However, to turn the potential into reality, it was necessary for relevant authorities and the business community to involve in, he said, adding that online trade exchange events are an important channel for enterprises of the two countries to seek find business opportunities.

Hiren Gandi, Chairman of the Food Committee of Gujarat Chamber of Commerce & Industry, recommended that Vietnamese enterprises should use legal commercial contracts when exporting to India to avoid disputes and protect themselves from fraud, false commitments and overcome business risks.

The right legal contracts can help prevent businesses from up to 80 percent of commercial disputes, he said.

Gandi emphasised that Vietnamese enterprises should not use brokers or agents because they have no legal value.

He also advised them to check the financial capacity of the buyers and raised the issue of the right to handle logistics-related issues in commercial contracts.

At the conference, Atul Kumar. President of the Indian Importers Chamber of Commerce and Industry, Srinivasa Murthy, Honorary Consul of Vietnam in Karnataka, India, and Bui Trung Thuong, Counselor at the Vietnam Trade Affairs Office in India, also introduced business opportunities for Vietnamese businesses in the Indian market as well as sharing experiences for successful business cooperation with Vietnamese enterprises to Indian counterparts.

Experts said Vietnamese businesses have many opportunities to export to India. At the same time, Vietnam is also a potential market for Indian investors to do business in the fields of agricultural products, food, automobiles and energy.

Virtual exchanges were also be held during the conference to support businesses in introducing their products and learned about the partner’s demand, thereby looking for business cooperation opportunities./.