New Delhi, Oct 20 (UNI) India and Vietnam can establish new partnerships in areas such as marine food products, agro-products, textiles, garments, leather & footwear, electrical machinery and equipment in order to diversify the trade basket, Secretary (East) in the ministry of external affairs Riva Ganguly Das said on Tuesday.
Speaking at the virtual India Vietnam Business Forum, she said, "I am hopeful that today’s event will see fruitful deliberations on the opportunities for trade, investment and partnership between entrepreneurs of India and Vietnam. There is huge potential for cooperation in areas of hospitality, healthcare, pharmaceuticals, infrastructure development, energy, service, IT, mining, agriculture among others."
"Despite the Covid-19 pandemic, we have continued to maintain high-level engagements with Vietnam. Vice President Madam Dang Thi Ngoc Thinh visited India in February this year. In April, Prime Minister Narendra Modi and Prime Minister Nguyen Xuan Phuc spoke on telephone not only to exchange views on Covid situation but also to discuss the future trajectory of our bilateral relations," Ms Das said.
Foreign Ministers of both countries reviewed the entire gamut of our bilateral relationship during the 17th virtual Joint Commission Meeting held on August 25.
“Our leadership has envisioned closer collaboration in the areas of Trade, Tourism and Technology,” she added.
“Vietnam is a key pillar of our ‘Act East Policy’ and an important partner in India’s ‘Indo-Pacific Ocean’s Initiative (IPOI)’, which is based on our shared values and interests in promoting peace, stability and prosperity of our region,” the secretary said.
The bilateral trade between two countries have rose from US$ 200 million in the year 2000 to US$ 12.34 billion in 2019-20.
For India, Vietnam is the 18th largest trading partner globally and within ASEAN, the 4th largest trading partner after Singapore, Indonesia and Malaysia.
India is the 7th largest trading partner of Vietnam. “Our export basket from India to Vietnam includes bovine meat, fishery products, corn, steel, pharmaceuticals, cotton, machinery while our imports from Vietnam include mobile phones, electrical machinery and equipment, computers, electronic hardware, natural rubber, chemicals, coffee,” Ms Das said.
As of June 2020, India has about 278 projects in Vietnam with a total invested capital of US$ 887 million, as per Vietnam’s Foreign Investment Agency.
“Our investments are in the sectors of energy, mineral exploration, agro-processing, sugar, tea, coffee manufacturing, agrochemicals, IT and auto-components. Vietnamese investments in India are to the tune of US$ 28.55 million primarily in areas of pharmaceuticals, IT, chemicals and construction materials,” she said.
UNI ASH JW1622