Trade between Vietnam and India records surge

08:35 | 18/09/2018 Cooperation

(VEN) - Trade turnover between Vietnam and India in the first seven months of 2018 reached US$6.36 billion, an increase of 50.16 percent compared to the same period last year. Data compiled by the General Department of Vietnam Customs show Vietnam’s exports to India reached US$3.92 billion, a year-on-year increase of 96 percent, while imports stood at US$2.44 billion, an increase of 9.2 percent compared to a year ago.   

trade between vietnam and india records surge
Vietnam’s Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh and Indian Foreign Minister Sushma Swaraj at the 16th meeting of the Vietnam-India Joint Committee

Trade was one of the major issues discussed at the 16th meeting of the Vietnam-India Joint Committee on Economic, Commercial, Scientific and Technological Cooperation held in Hanoi on August 28, chaired by Vietnam’s Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh and Indian Foreign Minister Sushma Swaraj.

The two countries upgraded their relationship to a comprehensive strategic partnership in September 2016, agreeing to implement it through regular visits at all levels under the action program for the 2017-2020 period.

Trade relations between the two countries have continued to grow, aiming to achieve the goal of US$15 billion in trade turnover by 2020. Accordingly, the two sides have enhanced effective use of bilateral cooperation mechanisms, strengthening exchange of visits among businesses, limiting the application of trade remedies and non-tariff barriers to each other’s exports, and holding trade fairs and exhibitions in each country.

At the 16th meeting, the two sides also agreed to accelerate the promotion of Indian investment in Vietnam in priority areas such as power, renewable energy, and high-tech agriculture, and Vietnamese investment in India in the fields of agriculture, farm produce, and aquatic and timber product processing. They affirmed continued long-term cooperation in oil and gas, while also seeking collaboration from a third country.

They praised the two countries’ close coordination and mutual support at regional and international forums, especially in the United Nations and within the framework of the ASEAN-India partnership and other ASEAN-orientated mechanisms. Pham Binh Minh welcomed the active role of India and its position in the Indo-Pacific region through its “Act East” policy. Sushma Swaraj for her part praised Vietnam’s role as a coordinator for promoting ASEAN-India ties between 2015-2018. The next meeting of the Vietnam-India Joint Committee is set to take place in India in 2020.

Representatives of the People’s Committee of the southern coastal province of Ninh Thuan and the Embassy of India

signed a memorandum of understanding on seven projects to provide support for the Cham people, an ancient

diaspora community whose culture and religion were heavily influenced by India.

Huong Ca