Hanoi (VNS/VNA) - Two-way trade between Vietnamand India saw a yearly increase of 13.6% to 15.05 billion  USD in 2022,statistics from the General Department of Customs showed. 

During the year, Vietnam’s exports to India topped 7.96 billion USD, up 26.8%year-on-year. Among its export items, mobile phones and accessories postedthe highest turnover with 1.52 billion USD, up 18.4%, making up nearly 20%of the total export value. Computers, electronics and parts came nextwith 1.03 billion USD, up 25%, or 13%, while machinery andequipment ranked third with 804 million USD or over 10%. 

Other staples with the highest value increase were coffee with165%; iron and steel (97%) and footwear (96%). 

Some items, however, posted large decreases in export value, suchas animal feed and raw materials with 23.04 million USD, down 76.5%,and coal with 7.68 million USD, down 46%. 

As per the data, Vietnam imported $7.09 billion worth of goods from India lastyear, a yearly hike of 2%. Its major import commodities from the marketwere iron and steel with nearly 775 million USD, down 44.6%; machineryand equipment (549.3 million USD, up 28%) and ordinary metals (515million USD, up 26%). 

According to the Vietnamese Trade Counsellor in India, Bui Trung Thuong, Vietnam and India could supplement each other in economic production. Indiais an important supplier of materials, while Vietnam has a highdemand for materials in service of production and export.

India is Vietnam’s leading provider of aquatic, garment and textile, leatherand pharmaceutical materials. The 1.4-billion-strong Indian markethas diverse demands with various market segments - a good condition forVietnamese exporters. 

Besides trade, bilateral cooperation in tourism and investment alsogrew with the resumption and launch of direct air routes. Adani Group, forexample, has committed to pouring 10 billion USD in Vietnam.

However, Thuong said, the presence of Vietnamese businesses in the marketremained modest. In contrast, India's administrative and legal systemhad been complicated by the toughest trade defence measures, whichhad caused great difficulties for Vietnam in approaching the market.

As part of the efforts to support Vietnamese firms to penetrate the market moredeeply, the Vietnam Trade Office in India organised online tradepromotion activities, especially during the COVID-19 pandemic, the officialsaid.

His office had also connected many Vietnamese firms with their Indianpeers and helped deal with trade conflicts while providing domestic businesseswith trade defence cases initiated by the Indian side, he said./.