India Wants to Boost Cooperation with Vietnam in Textiles, Oil and Gas

Recently, Prof Dr Vuong Dinh Hue, Member of the Party Central Committee, Head of the Central Economic Committee had a meeting with Ms Preeti Saran, Indian Ambassador to .

 

At the meeting, the two sides exchanged contents to promote Vietnam-India strategic partnerships in various fields. The two sides agreed on many regional and international issues, including ensuring peace, stability, security and maritime safety in the East Sea, resolving disputes by peaceful measures in compliance with international law and the UNCLOS, and fully implementing the DOC and soon proceeding to the Code of Conduct on the East Sea. This is also the condition for stability and economic development in the region and around the world.

 

Referring to the relationship between Vietnam and India, Indian Ambassador Preeti Saran and Mr Vuong Dinh Hue agreed that the traditional relations and friendship, comprehensive cooperation and strategic partnerships between Vietnam and India are being further boosted. However, economic - commercial - investment cooperation between the two countries is not commensurate with the potential of the two countries.

 

To promote economic, investment and trade relations, the Indian Ambassador suggested the two countries promote and strengthen cooperation in the fields of textiles, energy, mining, oil and gas exploration and exploitation, agricultural development; and cultural exchanges. The two countries will soon open a direct route to facilitate tourism development, and facilitate trade and investment.

 

In particular, the Ambassador proposed enhancing cooperation in textiles, one of the advantages of the two countries. According to the Indian Ambassador, Vietnam is one of the leading textile exporters; however, it depends on imported inputs. Meanwhile, India is the world's second largest source country for raw cotton, fabric, yarn, raw materials for textiles. In fact, those kinds of imported material imported from India are limited. If the two countries’ goods are complementary, it will enhance import and export, the economic situation of the two countries will certainly be improved. In contrast, India will import the final products which are garments and textiles from Vietnam to the Indian market.

 

At the meeting, Vuong Dinh Hue expressed his interest in growing strategic relations between Vietnam - India. Agreed with the remarks that the Indian Ambassador mentioned, Hue said in the process of restructuring the economy, Vietnam has policies to diversify sources of supply and commodity markets. India is a big market; therefore, cooperation should be boosted in investment, trade and economy between the two countries.

 

With its mandate, the Central Economic Committee will advise the Politburo, the Secretariat to coordinate with the authorities to implement measures to promote, strengthen economic cooperation between the two countries commensurate with the potential and strengths of each side.