Feb 28, 2020 / 11:20

Vietnam, India target bilateral trade of US$15 billion in 2020

The Hanoitimes - Minister of Planning and Investment Nguyen Chi Dung expected Vietnam and India to accelerate the process of opening markets for goods and products from each country.

Vietnam and India should enhance cooperation in advantageous fields of each country to realize the trade turnover target of US$15 billion in 2020, VietnamFinance quoted Nguyen Chi Dung, minister of Planning and Investment, as saying.

 Overview of the meeting. 

In 2019, bilateral trade stood at US$11.3 billion while investment from India, the world’s fifth largest economy, in Vietnam remained modest at less than US$1 billion, much lower than the expectation and potential of two countries, said Dung at a meeting with India’s Minister of State for Commerce and Industry Som Parkash.

India is one of Vietnam’s major trading partners, Dung stated, adding the two countries could further cooperate in mining, textile & garment, footwear, supporting industries, machinery, and IT, among others.

Dung expected both countries to accelerate the process of opening markets for goods and products from each country, particularly Vietnamese fruits, and refrain from adopting measures hindering bilateral trade.

Dung requested India to consider issuing one-time import license for nearly 300 containers of incense products from Vietnam, which have been produced under orders from Indian customers but are stopped from delivery due to the change in India’s import regime last August.

At the meeting, Parkash said Vietnam and India have huge potential for investment cooperation in food, energy, mining and pharmaceutical products.

Many Indian enterprises are investing in Vietnam and received positive results, added Parkash.

According to Parkash, the two countries should set up a joint-working group to promote investments between Vietnam and India.