Việt Nam, India likely to complete trade target this year: official

October, 28/2022 - 08:44
Việt Nam and India may complete the goal of US$15 billion in two-way trade this year despite impacts from the COVID-19 pandemic and geostrategic competition in the region and in the world, according to Vietnamese Trade Counsellor in India Bùi Trung Thương.

 

Goods for export at Cái Lân Port in the northeastern province of Quảng Ninh. India is an important supplier of materials, while Việt Nam has high demand for materials in service of production and export. — VNA/VNS Photo

NEW DELHI — Việt Nam and India may complete the goal of US$15 billion in two-way trade this year despite impacts from the COVID-19 pandemic and geostrategic competition in the region and in the world, according to Vietnamese Trade Counsellor in India Bùi Trung Thương.

Thương noted that trade between the two countries reached $11.43 billion in the first nine months of this year, a year on year rise of over 16 per cent, with Việt Nam’s trade surplus of $6.13 billion, up 35 per cent.

Bilateral co-operation in tourism and investment also grew with the resumption and launch of direct air routes, he said, adding that Adani Group has committed to pouring $10 billion in Việt Nam.

The official underlined that Việt Nam and India can supplement each other in economic production. India is an important supplier of materials, while Việt Nam has high demand for materials in service of production and export. Currently, India is Việt Nam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials, he added.

The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters.

However, according to Thương, the presence of Vietnamese businesses in the market has remained modest, while the administrative and legal system of India has been complicated with the toughest trade defence measures, which has caused great difficulties for Việt Nam in approaching the market.

As part of the efforts to support Vietnamese firms to penetrate the market more deeply, the Việt Nam Trade Office in India has organised online trade promotion activities, especially amid the COVID-19 pandemic, said the official.

The office has also connected many Vietnamese firms with their Indian peers and helped deal with trade conflicts, while providing domestic businesses with trade defence cases initiated by the Indian side, he said.  

He said that as Việt Nam and India are celebrating the 50th anniversary of diplomatic relations this year, the office has co-ordinated with relevant agencies to organise 50 trade promotion activities, and sent businesses of both sides to international trade fairs in Việt Nam and India. — VNS

 

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