(VOV) – India has become one of the ten largest trade partners of Vietnam, with annual bilateral trade growth of 12.2%.
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The information was released at a roundtable conference on India-Vietnam investment and trade held in HCM City on June 26.
According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports to India grow by 46.3% annually, while annual import growth is 1.1%.
Two-way trade value in the first five months of this year hit US$2.24 billion, with US$1.02 billion coming from Vietnamese exports.
By April, India had more than 70 valid projects in Vietnam, with a total investment capitalization of around US$252 million. In addition, cooperation in industry and energy has been developing well through investment and joint venture projects in garments, footwear, chemical and steel.
Le Thai Hoa, Deputy Head of MoIT’s West-South Asian Department, said cooperative potential between the two countries is huge, especially in trade, industry and energy. The signed ASEAN-India Trade in Goods Agreement (AITIG) will give fresh impetus to economic, trade and investment between Vietnam and India, he said.
To take advantage of the signed agreements on trade, goods and services active contribution is required from businesses of two countries, while , both countries’ relevant agencies should provide market information for the business community.
Talleen Kumar, Head of the Department of Industrial Policy and Promotion, said in recent years India has accelerated reform to promote international economic integration and attract foreign investors by issuing transparent policies, limiting administrative procedures and ensuring a supportive business environment.
Foreign investors in India will be introduced and guided to use online services to apply for investment licenses, and protect trademark and intellectual property rights.
At the conference, Indian businesses operating in food processing, seafood, automobile spare part manufacturing, logistics, infrastructure, chemical, energy and telecommunications, had a chance to meet directly with their Vietnamese partners.