Vietnam-India Trade to Hit US$2 Bln This Year
Bilateral trade between Vietnam and India is expected to reach US$2 billion in 2008, two years ahead of the set target as the two countries are boosting a strategic partnership, state media reported.
Vietnamese products are becoming more competitive in the Indian market, said Vietnamese Ambassador to India, Vu Quang Diem, elaborating that Vietnam’s annual exports to the Asian country grew by 20 per cent in recent years.
Pepper, rubber, computer hardware and electronic products, cinnamon bark and spice, and garment and textile products are Vietnam’s staple exports to India.
However, the ASEAN country always suffers from trade deficit, the ambassador said.
The ASEAN-India Free Trade Agreement and the Vietnam-India Free Trade Agreement, which are expected to be signed soon to create more favorable conditions for Vietnamese goods and enhance their market shares in the Indian market, said Diem.
To further accelerate trade ties, two sides have recently paid due attention to promote trade and investment via business tours.
From May 7-11, an Indian business mission including firms in agricultural, trade and services fields will visit Vietnam to seek cooperation opportunities.
On this occasion, the Vietnam Industry and Trade Ministry’s Trade Promotion Department will organize a seminar for businesses of the both sides to promote business cooperation. (Vietnam Economic Times, VietnamNet)
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