India seminar promotes business cooperation with Vietnam

Former president of the Madras Chamber of Commerce and Industry Arun Kumar Saraf said Vietnam has become one of the most dynamic economies in the region following 30 years of carrying out the Doi Moi (Renewal) process.

It has become a leading exporter of farm products such as rice, coffee, and peppers. Two-way trade between Vietnam and India has developed steadily and is expected to reach US$ 15 billion by 2020. 

Saraf proposed discussions of a preferential trade agreement to reduce tariff and non-tariff barriers to facilitate both countries’ export items and services.

Vietnam Ambassador Ton Sinh Thanh said since Vietnam is a member of 13 free trade areas so by doing business with Vietnam Indian businesses would be able to access major global markets such as the US, China, the EU, and Russia.

He highlighted the huge potential for Vietnam and India to forge their trade and investment links.

Vietnam signed bilateral FTAs with the RoK and the Eurasia Economic Union (EAEU). It is also participating in FTA negotiations with the European Union and the Regional Comprehensive Economic Partnership (RCEP), he added.