Vietnam-India bilateral trade likely to exceed US$15 billion this year

In her speech, Deputy Minister of Industry and Trade Phan Thi Thang highlighted economy and trade as key pillars in the Comprehensive Strategic Partnership between Vietnam and India, adding that this sector has consistently achieved high growth and 2024 is expected to continue to yield encouraging results.

This year's bilateral trade turnover is expected to exceed the US$15 billion mark that will be a bright spot in the relationship between the two countries in late 2024, continuing to affirm the crucial role of bilateral economic and trade links. 

The positive outcomes are attributable to significant contributions by the business communities and greater efforts of both nations' leaders in boosting economic and trade ties especially in the context of the global economy in general having to face plenty of difficulties and fluctuations in recent times, Thang emphasized. For his part, Sandeep Arya, Indian Ambassador to Vietnam said Vietnam - India bilateral trade turnover has grown by 11% over the past 10 years and has a wealth of opportunities for positive growth in the coming time, especially in the context that the two governments have conducted high-level trade and investment promotion dialogues.

The Indian diplomat affirmed that there is ample room for broader economic and trade cooperation between Vietnam and India moving forward, particularly in the fields of agriculture, chemicals, electricity, electronics, gemstones and jewelry, supply chain linkage, garments and textiles, and automobiles.

In addition, both sides can ramp up cooperation in projects related to infrastructure, environment, renewable energy, defence, information technology, software and digital services, education, healthcare and tourism in the time head.