The Ambassador of India to Vietnam aims to increase trade volume with Vietnam by $5 billion.

Thu, 30 May 2024 10:09:00  |  Print  |  Email   Share:

The Ambassador of India to Vietnam hopes that with the support of VCCI, India and Vietnam can aim for a trade turnover of $20 billion in the near future.

On May 16, 2024, Chairman of VCCI Pham Tan Cong (right) and Ambassador of India to Vietnam, Mr. Sandeep Arya, had a meeting at the VCCI headquarters. Also attending the meeting were Deputy Ambassador Subhash Gupta and First Secretary in charge of trade and economic affairs, Chinpau Ngaihte.

During the meeting, Mr. Sandeep Arya highly appreciated Vietnam's role in India's priorities. According to him, despite the global economic difficulties in 2023, both countries have improved and strengthened cooperation in trade and investment. As a result, the trade turnover reached over $15 billion, an increase of 13.6% compared to 2022.

In this success, Mr. Arya highly valued the role of VCCI, which has regularly exchanged information with the Embassy, Indian promotion organizations such as the Confederation of Indian Industry - CII, Federation of Indian Chambers of Commerce and Industry - FICCI, ASSOCHAM, India's Trade Promotion Council - TPCI, as well as business associations in various provinces and industries of India.


India ranks as Vietnam's 8th largest trading partner with a relatively balanced trade balance (Photo: Truong Dang).

Mr. Arya believes that in the future, he hopes VCCI will further encourage Vietnamese businesses to enhance market surveys in India, while supporting both countries to maximize the advantages of the ASEAN-India Free Trade Agreement.

Currently, Vietnam's exports to India reached $7.96 billion, an increase of 26.8% compared to 2022. The total value of imports from India in 2023 reached $7.09 billion, up 1.8% from $6.96 billion in the same period last year. Currently, the two countries continue to set a two-way trade turnover target of $20 billion in the shortest time possible.

Both sides hope to organize more programs to connect Indian and Vietnamese businesses with each other (Photo: Truong Dang).

India has become Vietnam's 8th largest trading partner with a relatively balanced trade balance between the two countries. While India is a significant source of raw materials and finished products for Vietnam, including iron and steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood, Vietnam's top export items to India are personal computers, mobile phones and components, iron and steel, chemicals, wood and wood products, footwear, spices, coffee, and pepper.

During the meeting, Chairman of VCCI Pham Tan Cong highly appreciated the traditional friendly relationship between Vietnam and India, which dates back to the history of national liberation struggles. In recent years, VCCI leadership has greatly admired the rapid economic development of India.

With strong support, the bilateral trade volume of the two countries is expected to increase to $20 billion in the coming years from the current $15 billion (Photo: Truong Dang).

According to Mr. Pham Tan Cong, both sides need to further enhance support in trade and investment promotion. India is a highly potential market, however, Vietnamese businesses still do not fully understand the market and business culture of India. Therefore, in the future, it is necessary to organize more conferences, seminars, and trade events for businesses of both countries.

The Ambassador of India to Vietnam expressed high agreement, hoping to closely coordinate in the future to organize events introducing business potential with the Indian market in both Hanoi and Ho Chi Minh City or major provinces and cities.

Furthermore, he affirmed that this year there will be exchanges and encouragement for organizations such as CII, FICCI, ASSOCHAM to lead business delegations to explore the investment and business environment in Vietnam. At the same time, VCCI can consider coordinating with these agencies to organize promotional events during the delegations' visit.



By: TRUONG DANG (Business Forum Magazine)/Translator: LeAnh-Bizic


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