A teleconference, themed “Vietnam-India: Promoting trade in farm produce and processed food”, was held on May 7 to discuss business potentials during and after the COVID-19 pandemic.
New Delhi (VNA) – A teleconference,themed “Vietnam-India: Promoting trade in farm produce and processed food”, washeld on May 7 to discuss business potentials during and after the CܫOVID-19pandemic.
Speaking at the event, Director ofthe Vietnamese Ministry of Industry and Trade’s Trade Promotion Agency Vu Ba Phu describedIndia as a huge market in the Central South Asia region with a population of nearly1.4 billion and the potential of consuming Vietnamese farm produce such as tea,pepper, rubber, confectioneries, tra fish, cereals. However, India’s imports ofVietnamese products remain modest compared to its purchasing power, he said. Phu called on the Indian Importers Chambers of Commerce and Industry(IICCI) to continue partnering with the Indian Government to open up the marketfor several Vietnamese farm produce such as longan, litchi and rambutan, amongothers. IICCI President Atul Kumar Saxena, who has nearly 40 years of experience inworking with Vietnam, mentioned 10 major products that Vietnam could tap toexport to not only India but also other countries such as rice, coffee, spices,cocoa and cashew nuts. Apart from rice export, he suggestedthat Vietnam should use modern technology to process products of added valueand improve business strategy to gain more successes in India. Vietnamese firmsshared their advantages and disadvantages in doing business in India whileIndian counterparts also presented their opportunities and challenges inincreasing their presence in Vietnam. Participantshighlighted the need to fully tap resources and conditions to facilitate trade,thus promptly tackling difficulties for the two countries’ farm producebusinesses./.
With the comprehensive strategic partnership and large purchasing power, Vietnam and India have large potential to increase two-way trade via boosting the export of their strong commodities to each other’s markets, trade officials of the two countries said.
Minister of Planning and Investment Nguyen Chi Dung has affirmed that India is a major trade partner and investor of Vietnam, urging the two sides to spare no efforts to soon realise the target of bringing bilateral trade to 15 billion USD.
Two-way trade between Vietnam and India reached 1.65 billion USD in the first two months of 2020, up 2 percent against that of the same period last year.
Trade between Vietnam and India would continue to grow strongly and sustainably after the COVID-19 pandemic is brought under control, Vietnamese Ambassador to India Pham Sanh Chau said on April 28.
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At the event (Photo: VNA) 
