India envisages more robust trade with Vietnam

The event's keynote address was delivered by Vice Chair of VCCI Hoang Quang Phong who spoke about the rapid expansion of trade and investment between the two countries over recent years.

“Vietnam’s total commercial trade with India in 2014 reached an all-time record high of US$5.6 billion,” Phong told representatives of the dozens of businesses, government and non-governmental organizations attending the event.

In addition, Phong revealed that Indian businesses had expended more than US$300 million in 87 business ventures within the Southeast Asian nation’s borders.

With on-going structural reforms and a government committed to global growth, Phong said there has never been a better time for Indian businesses to invest in Vietnam, as there is tremendous untapped potential.

He said both India and Vietnam have strengths in the fields of technology, tea processing, mining, information technology, and heavy industrial equipment— and these areas are ripe for cooperation.

Secretary General Vijay Shah of the India Import-Export Club agreed, saying trade and investment has not matched up to its fullest potential. 

He said the purpose of the visit to Vietnam by the Indian delegation was to learn more about existing opportunities and to locate trade partners and thanked the VCCI for its excellent presentation and accommodation at the seminar.

Vietnam is a valued partner and a crucial component of India’s “Look East Policy” said Shah, which envisages more vigorous strategic engagement with the economically vibrant Southeast Asian region in general— and with Vietnam in particular.