INDIA – VIETNAM MEET ON ECONOMIC COOPERATION
The Embassy organized an India – Vietnam Meet on Economic Cooperation toward promoting bilateral trade and investment between India and Vietnam on 24 December 2024. The event assessed economic, trade and business trends and sectoral opportunities in the field of chemicals & chemical products, pharmaceutical, agro and food processing, garment and textile, leather and footwear, automobile, power generation and power transmission, renewable energy, engineering goods and ICT, banking etc. The Meet aimed at identifying the opportunities and endeavours toward bilateral business cooperation and identifying measures to promote trade, investment and tourism between the two countries. Indian and Vietnamese business associations and entrepreuneurs presented their perspectives on India – Vietnam bilateral trade and business relations. Indian companies operating in Vietnam in different sectors presented their perspectives and suggestion to promote trade and investment.
2 In his opening remarks, Ambassador Sandeep Arya refered to the rapid GDP growth in India as well as Vietnam and the economic visions of Vietnam 2045 and Developed India @ 2047 that are generating new opportunities for trade, investment and business cooperation between the two countries. He mentioned positive India – Vietnam trade and economic trends, the Embassy’s efforts to support businesses and made suggestions for progressing trade and business collaboration in the year 2025. He also welcomed sound trend in two-way tourism flow between the two countries and active efforts by both sides to expand it in the coming year. He also hoped that the ongoing review of ASEAN – India Trade in Goods Agreement of 2009 will make the preferential trade regime, simpler, user friendly and trave facilitative. Embassy’s First Secretary, Mr. Chinpau Ngaihte presented trends in the Indian economy particularly in industrial corridor, technology frontier, energy, start-up, banking and global capacity centres, recent activites in business engagements between the two countries and encouraged greater participation in trade expo and exhibition in India and Vietnam.
3. In her special address, H.E. Mrs. Phan Thi Thang, Deputy Minister of Industry and Trade said that Vietnam and India share historical and cultural similarities and noted that the relationship between Vietnam and India has grown significantly over the years with India becoming one of the leading trading partners of Vietnam. She informed that in 2024 bilateral trade between the two countries was expected to exceed US$ 15 billion and was poised to growth further in the coming years. Both sides were working with each other to hold the 6th meeting of the Joint Trade Sub-Commission in the first quarter 2025, which would provide good opportunities to review and address different issues related to economic relations.
4. The Meet witnessed the presentations by Dr. Nguyen Thi Thu Ha, Director General, Investglobal under Vietnam Association of Foreign Invested Enterprises on Green Development – Opportunities for Vietnam – India Cooperation, Ms. Phung Thi Kim Thu, Vietnam’s Association of Seafood Exporters and Producers (VASEP) on Vietnams seafood manufacturing and opportunities for cooperation with India, Mr. Mahanand, Uno Minda Vietnam on opportunities in automobile sector in Vietnam, Mr. Le Ky Nam, Vice Chairman cum General Secretary, Vietnam Association of Mechanical Industry (VAMI) on Vietnam’s engineering sector and opportunities for cooperation with India, Mr. Om Prakash Srivastava, Technology Director HCL Tech on India Vietnam Cooperation in ICT sector, Mr. Do Thanh Binh, Director of Global Business & Cooperation, Vietnam Software and IT Services Association (VINASA) on ICT sector opportunities for cooperation with India, Ms. Do Thi Thuy Huong, Executive Board Director, Vietnam Electronic Industry Association on Vietnam’s electronic industry and opportunities for cooperation with India, Mr. Sandeep Kumar Singh, Chief Representative of Bank of India on banking sector cooperation and Mr. Nguyen Thanh Son, Vietnam Banking Association on Vietnam’s banking sector and opportunities for cooperation with India. Speakers reviewed the progress on bilateral trade and economic cooperation in different sectors and discussed ways to unlock the vast untapped potential in bilateral trade to enable the business communities from the two sides to benefit from the partnership of two of the fastest growing economies in the world.
5. India – Vietnam relations have been marked by growing economic and commercial trends and business engagements in recent years. India is among the top 10 trading partners of Vietnam. During the first 11 months of 2024, according to Vietnam’s General Department of Customs, bilateral trade between the two countries reached US$ 13.67 billion, registering an increase of 3.5%. Exports by India reached US$ 5.29 billion while exports by Vietnam reached US$ 8.38 billion. Major commodities of exports by India included frozen bovine meat, seafood, agricultural products, machinery and equipments, auto components, pharmaceuticals, chemicals and chemical products, steel and metals products etc. Major commodities of exports by Vietnam were computer and electronic hardware, mobile phones and accessories, machinery and equipment, ordinary metals, chemicals and chemical products, footwear etc.
6. During the visit of Prime Minister of Vietnam to India few months back, the leaders agreed to reinforce economic, trade and investment at the level of the two Governments and businesses and elevate bilateral trade from the present level of about US$ 15 billion. The leaders also encouraged investment flows between the two countries, outlining specific sectors to be particularly relevant for greater India – Vietnam cooperation. The significance of digital transformation, energy transition, biotecnology, digital payment, atomic energy, tourism, expanding direct flight connectivity was also emphasised by the two government. The Meet on economic and business cooperation with participation of over 200 entrepreuneurs, officials and expert will enhance understanding and awareness of business opportunities, connect the businesses of the two countries and bring out areas for greater focus between the two countries.
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Hanoi,
24th December 2024
