Vietnamese, Indian localities bolster trade and investment ties

VOV.VN - The Trade Office at the Vietnamese Embassy in India and the Confederation of Indian Industry (CII) have co-hosted a virtual trade and investment promotion conference to enhance trade links between Vietnamese localities and India’s Andhra Pradesh state.

During the event, Neeraj Sarda, chairman of the CII’s chapter in Andhra Pradesh, identified agro-fishery and pharmaceuticals as potential sectors for cooperation.

He said the state is home to the port of Visakhapatnam, which is among India's most important commercial and military ports.

According to Vietnamese Trade Counselor Bui Trung Thuong trade cooperation between India and Vietnam has enjoyed a high growth rate over the past two decades.

Data from the Indian Ministry of Commerce and Industry indicated that trade turnover between the two countries hit US$14.13 billion in the fiscal year 2021-2022 (April 2021-March 2022), creating a solid foundation for achieving the US$15 billion target set by both countries’ leaders.

During the conference, speakers answered questions related to the business climate and tax incentives for investing in priority areas in Vietnam, particularly the central coastal city of Da Nang.

Vietnam’s labour force accounts for 60% of the population, with a minimum monthly wage lower than in neighboring countries and in the region. These advantages may attract foreign investors to the nation.

The conference was one of 50 trade and investment promotion events in celebration of the 50th founding anniversary of both nations’ diplomatic ties.