Of the total, exports to India rose 14.2% to US$10.3 billion, while imports increased 4.9% to US$6.1 billion, resulting in a trade surplus of US$4.23 billion, up 31% year on year.

Telephones and components led Vietnamese exports, generating US$2.1 billion, up 27% and accounting for 20.7% of total export value. Computers, electronic products and components followed with US$1.7 billion, up 15.8%, while machinery, equipment, tools and spare parts achieved US$1.05 billion, up 11.3%.

Other export items posting strong growth included animal feed and raw materials (up 97%), pepper (up 54%), plastic products (up 53%), tea (up 27.5%), and seafood (up 26%).

Meanwhile, imports from India fetched US$6.1 billion, up 4.9%, accounting for just 1.75% of the country’s total import value.

The trade structure between the two countries is markedly different, with India supplying key raw materials such as iron and steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood.

Vietnam exports technology products, electronics, textiles, footwear, wood products and agricultural goods, highlighting the complementary nature of bilateral trade.

In terms of investment, India had 378 active projects in Vietnam with total registered capital exceeding US$1 billion. Indian investment is concentrated in energy, mineral processing, information technology, pharmaceuticals and infrastructure.

Conversely, Vietnamese investment in India stood at about US$28.6 million as of 2022, mainly in consumer goods, construction, electronics, information technology, and pharmaceuticals.

Vingroup forges partnership to broaden multi-sector ecosystem in India

Vingroup has announced the signing of a Memorandum of Understanding (MoU) with the Government of Telangana at the Telangana Rising Global Summit for a proposed investment of US$3 billion, to be implemented in a phased manner for developing a multi-sector ecosystem in the state.