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Vietnam pushes trade & investments with India.
Jul 19, 2022
Vietnam and India have a long-standing traditional relationship and trade and investment are one of the key pillars of the bilateral relationship.
India is one of the top 8th trading partners of Vietnam while Vietnam is 15th largest trading partner of India and fourth in Southeast Asia. In 2021, bilateral trade turnover reached $ 13.2 billion for the first time. It is expected to reach the target of $ 15 billion set by the leaders of the two countries in 2022.
The main Vietnamese exported products to India are mobile phones and components, computers, electronic products and components, chemicals, plastics, rubber, coffee, pepper, cashew. The main Indian exported products to Vietnam are iron and steel products, textile materials, fishery, corn, pharmaceutical and pharmaceutical raw materials; auto spare parts.
On the occasion of the 50th anniversary of the Vietnam - India Diplomatic relations, the Ministry of Industry and Trade, Government of Vietnam organised a business delegation led by Do Quoc Hung, Deputy Director General of the Ministry and 20 business communities in multi-sectors to India from July 18th to 22nd.
The delegation consists of 20 enterprises in the various fields such as agricultural products(Coffee, Rice, Pepper, Tapioca Starch, Desiccated Coconut, Tea, peanut oil, dry instant seed, black flute mist, dried fruits, vegetables); food & beverage (instant canned processed foods, nutritional drink, food supplements); industrial products (electric fans and fan motor, mechanical products and auxiliary industrial equipment); chemicals and chemical products (compound fertilizers, water purification materials and chemicals); building materials (limestone, resin beads, white limestone powder) textile and garment, and textile materials; pharmaceuticals; handicrafts.
During the delegation's visit to India, the Ministry and Embassy conducted a series of business forums and meetings in New Delhi, Agra and Jaipur.
This platform provides an opportunity to the business men from both the countries to interact one to one in various sectors like food processing, fast moving consumer goods, cosmetics, handicrafts, home furnishings, agriculture products, etc., Both India and Vietnam have great potential in these sectors.
There are several initiatives being taken by the Vietnam government to attract investment. The recent changes in the FDI policies will attract investors and are optimistic that many investment-friendly policies will be implemented. The start-up ecosystem with the right direction and reforms has the potential to grow.
economictimes.indiatimes.com
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