Bilateral trade up 40%/y in 10 months
India can be a leading source of material input for Vietnamese industries such as textiles and garments, shoes and leather as well as manufacturing, while the Indian market can be a major export destination for Vietnamese products, including consumer goods, electronics, agricultural and aquatic products, wood products and rubber among others, according to the Vietnam India Business Forum held 17 Dec 2021.
Besides, Vietnam also offers a wide scope for cooperation and mutual support in the fields of textiles and garments, high-tech agriculture, biotechnology, pharmaceuticals, information technology, energy, infrastructure and mining, said the Ministry of Planning and Investment of Vietnam which coordinated the forum with the Embassy of Vietnam and the Confederation of Indian Industry.
In terms of trade, the two-way turnover in the first 10 months of 2021 was nearly US$11 billion, up by about 40% y-o-y and surpasses the total trade turnover of 2020.
India is currently among the top 10 biggest trading partners of Vietnam while Vietnam is India’s fourth-largest trading partner in ASEAN, said the Ministry.
The Forum was part of the events organised during official visit from 15-19 December 2021 of Vuong Dinh Hue, President of the National Assembly. fiinews.com
