Vietnamese Prime Minister, Pham Minh Chinh, is keen that India and Vietnam put in more effort to increase the bilateral trade to US $20 billion.
He was addressing the Vietnam-India Business Forum at FICCI here on the second day of his State visit to India.
Economic And Trade CooperationÂ
He said that economic and trade cooperation has become a beacon of cooperation between India and Vietnam.
“Let’s work together, bring about better solutions to raise bilateral trade to 20 billion US dollars going forward,” he said.
Bilateral Trade
In 2022-’23, India and Vietnam had bilateral trade of US $14.70 billion.
The bilateral trade has reached US $14.8 billion, according to Sandip Somany, former FICCI President and Chairman and Managing Director.
Vietnam is the 23rd largest global trade partner of India and the fifth largest among ASEAN countries.
PM Modi Has Contributed To India’s Rapid Growth
“India has been growing rapidly and has truly achieved gains under the leadership of Prime Minister Modi,” the Vietnamese PM said.
PM Chinh Hails Indian Business Interest
PM Chinh outlined Vietnam’s economic achievements and invited Indian businesses to invest in strategic sectors including infrastructure, digital technology, and pharmaceuticals.
He called for Indian businesses to facilitate Vietnamese companies’ integration into their supply chains.
In addition, he urged Indian businesses to consider Vietnam as a strategic destination.
Indian businessmen Interested in Investing In Vietnam
He said that Indian businessmen have expressed interest in exploring investments in Vietnam.
He also invited Indian businesses to invest more in Vietnam, particularly in semiconductors, science and technology, innovation and biotechnology sectors.
Relations Between India And Vietnam
He said that friendship between India and Vietnam dates back to 2000 years.
He added that elevation of bilateral ties to a comprehensive strategic partnership has ” opened up a new space for cooperation across the board.”
Vietnam Wants To Be A Good Friend Of All Countries
He said that Vietnam aims to be a good friend and reliable partner of all countries as well as a responsible member of the international community.
Exploring New Areas Of Cooperation
He further said that Vietnam and India should expand cooperation into new areas such as digital economy, transportation and renewable energy.
Desire To Set Up A Pharmaceutical Ecosystem in Vietnam
The visiting PM said that Vietnam currently sources 33 per cent of its pharmaceuticals from India.
He expressed interest in establishing ” a proper pharmaceutical ecosystem in Vietnam to protect the health and life of our people.”
Vietnam-India Trade
Of India’s total trade with ASEAN, Vietnam accounts for 11.2 per cent.
Vietnam Is a Key Destination For India’s Iron And SteelÂ
Vietnam is an important destination for India’s iron and steel and agricultural and animal products, as per the Ministry of Commerce and Industry.
A crucial partner for India’s Act East policy
“Vietnam is a crucial partner for India’s Act East policy. Investment between India and Vietnam is growing, with bilateral relationships expanding steadily over the years,” he said.
First State Visit Of Vietnamese Prime Minister
Pham Minh Chinh is on his first state visit to India as the head of the Vietnam government.
This is also the first visit to India by a Vietnamese Prime Minster in a decade.
Need to Step Up Air Connectivity
The Vietnamese Prime Minister also expressed the need to open up the economy for businesses and provide more direct flights to Vietnam.
He announced a new air route from Ahmedabad to Da Nang.
Several MoUs Signed
In addition, several MoUs were signed during the event.
The MoUs signed are between Vietnam Airlines and Innovations India.
Besides, an MoU was signed between Sovice and Adani on cooperation in aviation, airport and logistics.
T&T Group and Ramky Group have also signed an MoU for developing, financing, constructing, operating and maintaining the waste treatment plant.
MoUs For Promoting Trading, Investment And Applying New Technologies
Four MoUs have been signed for promoting trading and investment.
Significantly, Hoang Lam Pharmaceutical and Cosmetics JSC And STEMPEUTICS Research have signed an MoU.
This will facilitate distribution of STEMPEUTICS products, apply new technologies and techniques and set up a lab in Vietnam.
India’s Commerce and Industry Minister Highlights Economic Synergies Between The Two Countries
Union Minister of State for Commerce and Industry, Jitin Prasada also called for stronger economic cooperation between the two countries.
He said at the forum that India and Vietnam are growing at nearly double the average global economic growth rate.
Potential For Bilateral Trade Should Not Be Overlooked
He said that the potential for bilateral trade should not be overlooked as markets in both countries present enormous opportunities.
” I believe that our businesses really need to focus on each other, much more than we are doing presently,” Prasada said.
Ongoing Trade Negotiations
The minister mentioned ongoing trade negotiations. ‘
These include review of the India-ASEAN Trade and Goods Agreement of 2009. set to be completed by 2025.
He hoped that in addition to this, the Indo-Pacific Economic Framework negotiations could enhance economic cooperation between the two countries.
India’s Recent Participation In Trade Fair In Hanoi
Prasada said that India’s recent participation as the guest of honour in the 33rd International Trade Fair, in Hanoi, signifies growing economic ties.
