Vietnam, India eye US$7 bln in trade value
(VOV) - Two-way trade between Vietnam and India has grown and flourished over the years and both countries are looking towards a US$7 billion target in 2015.
Nguyen Son Ha, Vietnamese Trade Counsellor to India, says India is one of Vietnam’s top ten trade partners and the latter is the former’s fourth biggest trade partner within ASEAN.
Bilateral trade increased threefold to US$5.24 billion in 2013 from just US$1.54 billion in 2007. Of the total, Vietnamese exports generated US$2.35 billion, up 13 times, and its imports were US$2.88 billion, a twofold increase.
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| Party leader Nguyen Phu Trong addressing a Vietnam-India business meeting in New Delhi during a visit in November 2013 |
Vietnam and India are increasing their trade ties through a host of measures, including finalising the legal corridor for trade and investment facilitation.
The Vietnam-India trade subcommittee meets every year to chart a course for trade cooperation between the two countries.
Both sides have carried out national cooperation programmes and exchanges on trade and investment promotions, and organised trade fairs, exhibitions and joint business forums in each country.
They have encouraged businesses to invest in the areas of their strength, supported businesses in opening representative offices in each other’s territories, and facilitated business people’s travel.
They are considering opening direct air routes to support economic, trade, investment and tourism development, as well as cultural exchanges.
India has recognised Vietnam’s full market economy status. Both countries have signed numerous agreements, including the ASEAN-India Trade in Goods Agreement (AITIG), to assist business communities to access their markets.
Vietnam and India established the strategic partnership in July 2013 and increasing bilateral trade is one of the five pillars in their strategic partnership.