Vietnam, India boost cooperation in trade, investment

A Vietnam-India business matching event was held in Hanoi on September 22, on the occasion of the Vietnam visit by 42 enterprises of the India-Vietnam Chamber of Commerce and Industry (IVCCI).

Speaking at the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen Quang Vinh appreciated the working visit of the Indian business delegation, which took place just ahead of the 50th anniversary celebration of the establishment of diplomatic relations between the two countries later this year.

For Vietnam, India has always been a strategic partner in trade and has a lot of potential for cooperation; in which mechanics and engineering for production are an important part of bilateral trade.

IVCCI President Ajoykant Ruia said that with a stable economic and political environment, a young, abundant and highly skilled workforce, Vietnam is currently a safe and reliable destination.

Indian investors are really interested in expanding their investment in Vietnam thanks to its strengths in supporting industries, mechanical engineering, garment and textiles, and footwear and to enjoy incentives from signed free trade agreements.

In 2021, Vietnam-India two-way trade turnover surpassed US$13 billion. This year, the two governments set a goal of raising the figure to US$15 billion. As of December 2021, India had 313 valid projects with a total registered capital of US$910 million, ranking 25th out of 140 countries and territories pouring capital into Vietnam.