Vietnam, India Expand Trade Cooperation

Vietnam and India are striving to increase their two-way trade value to US$15 billion by 2020. In 2017, Vietnam and India celebrated the 45th anniversary of diplomatic relations establishment and the 10th anniversary of strategic partnership. The bilateral relationship is now developing very well in all aspects of cooperation. Both sides have promoted cooperation in all fields namely politics – diplomacy, security – defence, economics, science – education, and culture – society. India is the 15th largest merchandise export market and the 10th largest import market of Vietnam. The bilateral trade value is stable, reaching over US$5.5 billion in 2016 and the trade performance is quite balanced. Agricultural products are a potentially good export to the Indian market as they carry high quality and reasonable prices. Electronics and computer accessories are also potential exports for Vietnam. India is now one of leading suppliers of textile and garment inputs for Vietnam, especially after 2010 when ASEAN-India Trade in Goods (AITIG) Agreement came into effect. On investment, India is now Vietnam’s largest FDI partner in Central and West Asia, with 164 projects and over US$755 million of investment capital, which mainly focus on processing, information technology and mining industries. It ranked 28th out of 116 countries and territories investing in Vietnam. Although the economic and trade relations between Vietnam and India have increased significantly over the time, they have not come up with political, diplomatic, security and defence relations nor matched up with the two countries’ potential. Mr Nguyen Xuan Trung from… [Read full story]

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