New Delhi (VNA) – Vietnam and Indiawitnessed remarkable strides in their relations in 2016, especially ineconomics, Vietnamese Ambassador to India Ton Sinh Thanh has said.

He made the remark at a session within theframework of the fourth business conclave between India and four ASEANcountries, namely Cambodia, Laos, Myanmar and Vietnam (CLMV), in Jaipur city,the Indian state of Rajasthan, on February 28.

The diplomat said despites global economicdownturns, Vietnam and India are still listed among the most dynamic economies.

India is likely to enjoy higher economic growthin the coming years thanks to various renewal measures, including the “Make inIndia” and “Skill India” initiatives, goods and service taxation reforms, andnew monetary policies, he said.

Meanwhile, Vietnam is pushing ahead with the economicrestructuring plan to improve infrastructure, human resources, and the businessenvironment, he added.

Vietnam always considers India a reliable friendand partner, he said, noting that during the historical visit to Vietnam byIndian Prime Minister Narendra Modi in 2016, the two countries elevated theirrelations to comprehensive strategic partnership and defined economics as astrategic cooperative field.

Solid political rapport allowed Vietnam andIndia to boost trade, investment and tourism, he said.

He noted that Vietnam highly valued the IndianGovernment’s 300-million-USD credit package to promote bilateral tradeactivities.

The Ambassador suggested both enact measures torealize two-way trade target of 15 billion USD in the future. He welcomed moreIndian businesses to invest in Vietnam, especially in renewable energy, oil andgas, and garment-textile.

He hailed the Indian Government for establishinga CLMV development fund to support Indian firms having investment projects inVietnam.

The launch of the direct air route between Hanoiand New Delhi in July will make it easier for the two countries’ people totravel around, he added.

Official statistics showed that India ran a tradesurplus of 2.5 billion USD with CLMV in 2014. Vietnam was the biggest importerof India among the four countries, accounting for 83.5 percent of India’s goodsexports to CLMV in 2015.

India mainly exported fish, shrimps, cottons,automobiles, coffee, tea and spice to Vietnam while importing electricequipment, coffee, tea, and rubber from the market.

Indian companies are investing in energy, mining,sugar and chemicals production, information technology, and farm produceprocessing in Vietnam.-VNA