“India always regards Vietnam as a leading Southeast Asian trade partner and expects the Governments of the two countries to create conditions for their businesses to meet and exchanged more frequently,” H.E. Ranjit Rae, Indian Ambassador to Vietnam, said at the Vietnam - India Investment and Trade Conference held in Hanoi on the occasion a delegation of more than 60 Indian companies attending the Vietnam Expo 2011.
Ranjit Rae said, in the first two months of 2011, the bilateral trade turnover reached US$640 million, of which Vietnam earned US$175 million from exports to India. Exports of Vietnam were various in categories and better at quality.
Vietnam - India trade has made continuous progress in the past years, especially after the two countries established strategic partnership in July 2007. According to the Vietnamese General Department of Customs, Vietnam’s export to India grows robustly. The growth was 10.8 percent year on year 2009 and 136.2 percent in 2010, reaching US$2.75 billion.
Previously, Vietnam's exports to India were mainly agricultural products but they are now coming in diversity. According to statistical data, in 2010, Vietnam exported many high-valued commodities to India, including coal (US$78.67 million), rubber (US$76.87 million), iron and steel (US$76.03 million), computers, electronics products and parts (US$67.12 million), machinery, equipment, tools or accessories (US$61.15 million).
India is currently the 11th largest export market of Vietnam and Indian businesspeople are very good in international trade. The country is the world’s largest spicy processor and one of the founders of the World Trade Organisation (WTO) and the General Agreement on Tariffs and Trade (GATT). This is a solid foundation for Vietnam to further promote trade with India.
On investment aspects, Indian investors registered to invest US$212 million in 50 projects in Vietnam as of the end of 2010. In the first two months of 2011, two Indian companies were licensed to invest in Vietnam. Besides, many Indian companies are doing business in Vietnam under the name of third countries.
Mr Ranjit Rae said, to further promote trade relations, it is important that the two companies should regularly exchange information and organise business matching. In the past years, Indian and Vietnamese companies have regularly attended dialogues and meetings. In early March, more than 30 Vietnamese companies visited India and this time many Indian companies have come to Vietnam to explore the market and seek business partners.
He also hopes that, in addition to the agreement free trade of merchandise, agreements on investment and services will be soon concluded by India and Vietnam, where direct flights from India to Vietnam will be opened. If these agreements are signed, India will have more foundation to strengthen cooperation with ASEAN, which also includes Vietnam.
According to the Vietnam Chamber of Commerce and Industry (VCCI), at the approval of the Vietnamese Prime Minister, the Vietnam - India Business Forum will be formally established and put into operation in 2011. This will be a meeting place for Vietnamese and Indian businesses to meet, exchange experience, and cooperate in investment and trade.
Mai Ngoc
Vietnamese
