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|Illustrative image (Photo: VNA)|
HCM City – Vietnam and India boast huge potential for trade cooperation across spheres, particularly in technology, mechanics, machinery, and joining the global supply chains following the COVID-19 pandemic, heard a conference on September 22.
The conference was held online by the Vietnam Chamber of Commerce and Industry (VCCI) and the Engineering Export Promotion Centre (EEPC) of India.
EEPC Chairman Mahesh Desai said Vietnam is one of the major markets in India’s Look East Policy, lauding Vietnam’s high economic growth rate and dynamic and perse development, which has helped the country become an attractive destination for investors.
Both Vietnam and India have paid attention to technologies and production, and aim to integrate more deeply into the global supply chains.
Notably, in the context of many connectivity chains disrupted by COVID-19, the two countries are seeking new partners and markets, he said, adding that India will step up trade promotion to establish ties with partners like Vietnam in order to optimise their potential, Desai stressed.
Vietnam and India have favourable conditions to enhance their cooperation as they are members of many economic forums in Asia-Pacific. The two governments have agreed to join hands in various spheres such as e-commerce, energy and production.
Indian Ambassador to Vietnam Pranay Verma pointed out that the two-way trade has yet to match the two countries’ potential, and suggested the two countries enhance their collaboration in mechanisation, machinery and agriculture, especially during the post-COVID-19 period.
VCCI Vice President Vo Tan Thanh said the bilateral trade exceeded 11.2 billion USD last year, with Vietnam’s exports to India worth over 6.6 billion USD. In the first seven months of this year, the trade value reached more than 5 billion USD, including nearly 2.6 billion USD worth of Vietnam’s exports to India.
In terms of investment, as of April 2020, India ranked 26th out of 136 countries and territories investing in Vietnam, with a total of 272 projects valued at 887 million USD, mostly in oil and gas, mining, IT and agriculture.
With its successes in containing COVID-19, Vietnam has been seen as a safe and trustworthy destination for foreign investors, he said, suggesting Indian investors expand their operations in Vietnam in the fields of garment-textile, footwear and cattle feed to make the best use of the EU-Vietnam Free Trade Agreement.