20 July , 2022 Fdiindia
Vietnam Looking to Boost Trade with India
Marking the 50th anniversary of diplomatic relations between India and Vietnam, the Ministry of Industry and Trade, Government of Vietnam organized a business delegation led by Do Quoc Hung, Deputy Director General of the Ministry, and 20 business communities in various sectors to India from July 18 to 22.
Vietnam and India have a strong, traditional bilateral relationship, and trade and investment are one of the primary areas that support this relationship.
India comes in the top 10 trading partners of Vietnam, whereas Vietnam is India’s 15th largest trade partner. In 2021, bilateral trade between the two nations touched $13.2 billion and is expected to reach the target of $15 billion set by the two nations’ leaders for 2022.
The Vietnam government is undertaking several initiatives to attract foreign investment. Recent reforms in FDI policies will be crucial in attracting foreign investors. The startup ecosystem in both countries is on the rise, and FDI investments will play a pivotal role in boosting such companies.
The delegation consists of 20 businesses from several fields like food & beverages (nutritional drinks, instant canned processed foods, food supplements); chemicals and chemical products (water purification materials and chemicals, compound fertilizers); agricultural products (coffee, desiccated coconut, dry instant seed, rice, pepper, peanut oil, tapioca starch, black flute mist, vegetables, tea, vegetables); industrial products (mechanical products, electric fans and fan motors, auxiliary industrial equipment); textile, garments and textile materials; handicrafts; pharmaceuticals, and building materials (limestone, white limestone powder, resin beads).
The platform provides a wonderful opportunity for business owners from both countries to interact in person with one another and discuss future possibilities in sectors like fast moving consumer goods (FMCG), handicrafts, cosmetics, agriculture products, home furnishings, food processing, etc. since these are the sectors with the maximum growth potential.
The Ministry and Embassy had a series of business meetings and forums in New Delhi, Agra, and Jaipur during the delegation’s India visit.
The primary Vietnamese products exported to India are computers, electronic products and components, mobile phones and components, chemicals, rubber, cashew, pepper, plastics, and coffee. The leading Indian products exported to Vietnam are textile materials, iron and steel products, corn, fishery, pharmaceutical and raw materials, and automobile spare parts.