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.
Other News
- Vietnam, Brazil: Building bridges through shared history and new partnerships
- Hanoi to attract tourists by showcasing local specialties at wholesale markets
- National E-commerce Week, Vietnam Online Shopping Day 2024 set to kick off
- Vietnamese goods in rising demand among Hanoi residents
- Hanoi unveils 2024 rural industrial plans
- Hanoi advances supporting industries for hi-tech services
- Vietnam’s economy remains resilient amid global uncertainties: ADB
- Vietnam’s 9-month fruit and veggie exports match last year's sales
- Growing interest from Chinese investors in Vietnam’s market
- Hanoi Supporting Industry Fair 2024 draws big business
Trending
-
Capital Law to make Hanoi major center for quality education
-
Vietnam news in brief - November 4
-
Foreign labor in Hanoi: a growth engine that needs thorough administration
-
Hanoi seeks partnerships to build skilled workforce for digital transformation
-
Adorable baby hippo wows Hanoi visitors
-
Localizing idols: Vietnam’s shift from Hallyu to homegrown stars
-
Hanoi plans major upgrade for iHaNoi by 2026
-
Berlin Film Festival award-winning motion picture premieres in Vietnam
-
Love triangle drama opens Hanoi Open Stage Festival