The Embassy of India in Vietnam in collaboration with the Ministry of Industry and Trade organized the India- Vietnam Meet on Economic Cooperation in the capital city of Hanoi on December 24.
Attending and speaking at the event, Deputy Minister of Industry and Trade Phan Thi Thang stated that economy and trade are always considered important pillars in the Comprehensive Strategic Partnership between Vietnam and India.
The two-way trade turnover between Vietnam and India is estimated to exceed US$15 billion this year.
This result demonstrates the significant efforts of the leaders of both countries in promoting economic and trade cooperation, especially in the context of the global economy facing many difficulties and fluctuations in recent times.
This growth is also thanks to the contributions of the business communities of both countries. The flexible adaptation and cooperation between businesses have played an important role, creating positive results in economic and trade cooperation between Vietnam and India.
Indian Ambassador to Vietnam Sandeep Arya affirmed that bilateral trade turnover between the two countries has grown by 11 percent over the past 10 years and is likely to open up many opportunities for positive growth in the near future, especially in the context of high-level dialogues between the governments of the two countries on promoting trade and investment.
According to him, the revisited ASEAN-India Trade in Goods Agreement will make it more favorable, simple, business-friendly and convenient for businesses.
Currently, both sides are coordinating to organize the sixth session of the joint trade subcommittee in the first quarter of 2025, which will be a good opportunity to review and address various issues related to economic ties.
Over the passing years, economic relations and trade exchange between Vietnam and India have seen rapid growth. India is currently among Vietnam's top ten trading partners.
The main Indian exported products to Vietnam are frozen buffalo meat, seafood, agricultural products, machinery and equipment, pharmaceuticals and chemicals.
Meanwhile, Vietnam's main exported products to India are computers and electronic hardware, mobile phones and accessories, machinery and equipment, common metals and footwear.
