Vietnam, India look to boost farm produce trade
A seminar on Vietnam – India trade in farm produce and food processing was held in Hanoi on December 17.
The online event was co-hosted by the Vietnam Chamber of Commerce and Industry, the Indian Embassy in Vietnam and the Agricultural and Processed Food Products Export Development Authority (APEDA).
Speaking at the event, deputy head of the VCCI’s Department of International Relations Truong Thi Bich Ngoc highlighted the Indian Embassy and APEDA’s initiative to hold the event, saying that it will open up trade opportunities for Vietnamese firms, especially those working in farm produce.
India is now one of the 10 biggest trade partners of Vietnam with a two-way trade of over US$10 billion last year. Both countries are striving to achieve US$15 billion at the earliest. Farm produce is the most important goods in two-way trade.
Vietnam could export fresh fruits, processed food, cashew nuts, tea, pepper and spices to India, a market with a population of nearly 1.4 billion people, she said.
She added that Vietnam lies in a strategic location in the centre of Southeast Asia with a long coastline, proximity to international transport routes and young workforce at competitive cost. Vietnam has reached 14 free trade agreements with over 50 countries and territories, including new-generation deals.
Ta Quang Kien, head of the farm produce policy office under the Ministry of Agriculture and Rural Development’s Agro Processing and Market Development Authority, said in 11 months of this year, Vietnam’s farm produce trade with India reached nearly US$1.7 billion of which US$424 million was Vietnam’s exports.
