Vietnam, India boost trade exchange
(VOV) - An exhibition was held in HCM City on January 23 to showcase India’s chemical products and promote trade exchange between the two nations.
Chairman of the Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council (CHEMEXCIL), Satish W.Wasgh, said that the two-day event aims to boost India’s chemical exports through the consolidation of trade relations, promotion of partnerships and the expansion of the market in Vietnam.
Nguyen The Hung, Deputy Director of the Vietnam Chamber of Commerce and Industry (VCCI) branch in HCM City, said that trade turnover between Vietnam and India reached around US$4 billion last year, ranking India among Vietnam’s top ten trade partners.
India is currently has substantial investments in Vietnamese oil and gas, steel, mineral exploration, agriculture and food processing industries, with a total registered capital of around US$250 million.
It is now the second largest provider of chemical products to Vietnam, with imports reaching US$213.2 million in the first 11 months of 2012. It is expected that the growth will continue, as ten categories of chemical products have been pegged to create more favourable trading conditions between the two countries as part of Vietnam’s 2020 chemical industry development plan.