Speaking at the conference on Vietnam-India investment and trade in the new normal, Do Quoc Hung, deputy head of the Asia-Pacific Market Department under the Vietnamese Ministry of Industry and Trade (MoIT), said Vietnam commits to easing trade barriers to prevent any adverse impacts on trade and business activities in all sectors, he said.
He called on India not to impose trade defence measures on Vietnamese products, and consider removing the existing trade restrictions.
Vietnam has joined 16 regional and international free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), Hung said.
These deals have brought about opportunities for Vietnamese enterprises to expand the market, while helping Indian firms to enhance their cooperation with Vietnamese partners, and access the Vietnamese market as well as other regions through Vietnam, he stressed.
As of May 2020, India had run 275 projects worth nearly US$900 million, ranking 26th out of 136 countries and territories investing in Vietnam.
However, Le Thi Hai Van, deputy head of the Foreign Investment Department under the Ministry of Planning and Investment (MPI), said the figures have yet to match the potential of the fruitful relationship between the two countries.
She suggested the two countries increase trade promotion activities and enhance connectivity between their enterprises in order to boost bilateral trade ties.
At the conference, some Indian companies shared experience in business development and high-quality personnel training, and spoke of investment opportunities and prospects in India.
They shared the view that Vietnam is an emerging market that plays a significant role in the region.
The event was jointly held by the Commercial Affairs Office of the Vietnamese Embassy in India, the MPI, the Investment and Trade Promotion Centre of HCM City, and the Federation of Indian Chambers of Commerce and Industry.