Promoting Vietnam-India trade ties
(VOV) - Economic and trade cooperation between Vietnam and India has been strengthened alongside the fine development of their political ties.
In a recent interview granted to Vietnam News Agency, Nguyen Son Ha, Vietnamese Trade Counsellor to India, said trade and economic cooperation is the centerpiece of the Vietnam-India strategic comprehensive partnership.
India is the 10th largest trade partner of Vietnam and Vietnam is the fourth largest trade partner of India in Southeast Asia.
Two-way trade turnover between the two countries increased from US$2 billion in 2009 to US$3.94 billion in 2012.
Bilateral trade value hit US$2.592 billion in the first half of 2013, a year-on-year rise 40.3%, of which Vietnam’s exports were US$1.160 billion (up 53.7%) and imports US$1.432 billion (up 31.1%). The figure is expected to surpass US$5 billion this year.
At the 15th meeting of the Vietnam-India Joint Committee in New Delhi on July 11, the two sides agreed to set up a sub-committee on trade between Vietnam’s Ministry of Industry and Trade and India’s Ministry of Commerce and Industry, aiming to raise bilateral trade value to US$7 billion in 2015.
 |
India has poured US$2.052 billion into 73 projects in Vietnam, ranking it 12th among 100 foreign investors in the country.
Vietnam has invested in three projects in India with registered capital of US$23.6 million.
Ha stressed that the strong development of Vietnam-India economic and trade cooperation in recent times has yet to match the fine political ties and the two countries’ potential.
A complete legal framework between the two countries and India’s recognition of Vietnam’s full market economy status plus the ASEAN-India Trade in Goods Agreement (AITIG) will create a driving force behind flourishing economic and trade ties, he said.
Ha said Vietnam should continue encouraging Indian businesses to invest in such areas as oil and gas exploitation, electricity generation, mineral exploitation and processing, sugar production, agricultural chemicals manufacturing, and information and technology which are India’s strengths.
In addition, the two business communities should work out measures to improve cooperation efficiency, especially in building strategies and trademarks, developing markets, cooperating in goods production, and taking part in fairs, seminars and business forums.
Relevant Indian and Vietnamese agencies should further provide businesses with market information, trade and investment opportunities, facilitate their travel, consider granting long-term visas to businesspeople, and open direct flights between the two countries.