Vietnam, India likely to complete trade target this year: official
Vietnam and India may complete the goal of 15 billion USD in two-way trade this year despite impacts from the COVID-19 pandemic and geostrategic competition in the region and in the world, according to Vietnamese Trade Counsellor in India Bui Trung Thuong.
New Delhi (VNA) – Vietnam and India may completethe goal of 15 billion USD in two-way trade this year despite impacts from the COVID-19 pandemic and geostrategic competition in the region and in the world, according to VietnameseTrade Counsellor in India Bui Trung Thuong.
Thuong noted that trade between the two countries reached11.43 billion USD in the first nine months of this year, a year on year rise ofover 16%, with Vietnam’s trade surplus of 6.13 billion USD, up 35%.
Bilateral cooperation in tourism and investment also grewwith the resumption and launch of direct air routes, he said, adding that AdaniGroup has committed to pouring 10 billion USD in Vietnam.
The official underlined that Vietnam and India can supplement each other in economicproduction. India is an important supplier of materials, while Vietnam has highdemand for materials in service of production and export. Currently, India is Vietnam’sleading provider of aquatic, garment and textile, leather and pharmaceuticalmaterials, he added.
The 1.4-billion-strong Indian market has diverse demands with various marketsegments - a good condition for Vietnamese exporters.
Illustrative image (Source: VNA)
However, according to Thuong, the presence of Vietnamese businessesin the market has remained modest, while the administrative and legal system ofIndia has been complicated with toughest trade defence measures, which hascaused great difficulties for Vietnam in approaching the market.
As part of the efforts to support Vietnamese firms to penetratethe market more deeply, the Vietnam Trade Office in India has organised online trade promotion activities, especially amid the COVID-19 pandemic, said theofficial.
The office has also connected many Vietnamese firms with their Indian peers andhelped deal with trade conflicts, while providing domestic businesses withtrade defence cases initiated by the Indian side, he said.
Thuong said that as Vietnam and India are celebrating the 50th anniversary of the diplomatic relations this year, the office has coordinated withrelevant agencies to organise 50 trade promotion activities, and sentbusinesses of both sides to international trade fairs in Vietnam and India./.
Vietnam and India hold great potential for cooperation in establishing supply chains following COVID-19, which has seriously affected both economies over the past two years due to disruptions in regional and global supply chains, according to Indian analysts.
Politburo member and Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen on September 27 hosted a reception for Indian Minister of State for External Affairs and Education Rajkumar Ranjan Singh, during which the two sides discussed measures to strengthen ties.
Vietnam and India should further strengthen connectivity to record more robust growth in bilateral trade, which is expected to hit 15 billion USD this year and surpass the record the two countries set in 2021, Indian analysts have said.
Cooperation in science-technology has become an increasingly important pillar in the comprehensive strategic partnership between Vietnam and India, especially during post-pandemic recovery, according to Indian analysts.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
Goods for export at Cai Lan port (Photo: VNA) 
Illustrative image (Source: VNA) 
