Trade and economic ties between India and Vietnam have seen a rapid growth in recent years with two-way trade rising from US$489.2 million in 2003 to over US$2 billion in 2009, participants stressed at the September 30 workshop entitled India-Vietnam strategic partnership: tapping potential for expanding cooperation.

The two countries expect to bring the bilateral trade to US$2.55 billion this year. Vietnam’s exports to India are mainly tea, coffee, rubber, coal, computer hardware and electronic appliances, while its imports from India steel, livestock feeding, pharmaceuticals, machinery equipment, cotton, leather and textile products and pesticide.

However, participants stressed Vietnam and India have yet to fully tap their potential in trade and economic ties, urging the two countries to overcome existing difficulties, such as tax levels, customs procedure and transport.