Vietnam- Bridge for Cooperation between India and AEC

Delivering the opening remarks, Mr Vo Tan Thanh, VCCI Vice President, said Vietnam and India elevated their relationship into a strategic partnership in 2007, and since then the economic cooperation between the two countries has been stepped up significantly. Especially the supplementary characteristics of the two economies have contributed to bilateral trade ties. This meeting is really a good opportunity for the Vietnam and India business communities to update themselves with useful information about potential and market demand towards establishing long-term business partners.

 

Ms Smita Pant, Indian Consul General, spoke highly of Vietnam's economy, adding that in recent years Vietnam has achieved impressive growth rates, functioning as an important gateway for Indian companies to strengthen business partnerships with brands in the world. Currently, Vietnam is an important pillar in the Look East Policy of India; as well as a bridge in strengthening development cooperation between India and the ASEAN regional partners, especially in the context of the ASEAN Economic Community being formally established in late 2015.

 

According to Ms Smita Pant, Vietnam - India economies have much in common and can complement each other. With a population of over 1.2 billion, India is a fertile market for Vietnamese goods, and trade ties between the two countries have increased impressively. Especially since the ASEAN-India Trade in Goods Agreement (AITIG) officially took effect in 2010, it has contributed to rapid growth of export value between Vietnam and India, narrowing trade gap between the two countries, making India one of the ten largest trade partners of Vietnam. In 2014, bilateral trade turnover reached US$8.03 billion, surpassing the US$7 billion target set by the two countries. Currently both countries are making efforts to increase bilateral trade to US$10 billion in 2015 and US$15 billion in 2020; focusing on the potential areas of cooperation like: export of rice and agricultural products, fisheries and textiles.

 

Ms V.L Indira Dutt, ACC President, said the achievements of trade cooperation that Vietnam and India had gained were still shy of their potential. She recommended that the governments, responsible agencies and enterprises of the two countries work together to proactively and effectively utilize every opportunity, make good use of incentives from AITIG to promote bilateral cooperation.

 

For its part, the ACC will continue to strengthen coordination with VCCI to organise conferences, seminars, trade exchange with practical content, thereby creating a useful playing field and contribute to confirming the dynamism, creativity, critical position of the business communities of the two countries with the common goal of strengthening ties of bilateral economic cooperation.