Nearly 50 Vietnamese Firm Join Trade Promotion Event in India
|The Uttar Pradesh International Trade Show (UPITS) is held for the first time by the administration of the Indian state of Uttar Pradesh. Photo: MoIT|
Nearly 50 enterprises from Vietnam attended a trade promotion and business matching programme on September 22-23 as part of the Uttar Pradesh International Trade Show (UPITS), held for the first time by the administration of the Indian state of Uttar Pradesh, VietnamPlus reported.
The Vietnamese delegation accounted for over 10% of the international guests invited by the Uttar Pradesh administration to the UPITS, organised in coordination with the Federation of Indian Export Organisations (FIEO).
With support from the Trade Office of Vietnam in India, the delegation attended business matching events and export promotion forums held by FIEO.
|The UPITS is taking place at India Expo Mart in Greater Noida from September 21-25. Photo: MoIT|
Addressing a forum, FIEO Director General Ajay Sahai said by building an export ecosystem, Uttar Pradesh will become an export hub of India and make tremendous contributions to the country’s gross domestic product.
Meanwhile, FIEO Deputy Director General Ashish Jain highlighted India’s growing role in the global market and the marketing strategies for promoting the country’s stature amid global uncertainties, high inflation, and dwindling consumption demand.
The UPITS, taking place at India Expo Mart in Greater Noida from September 21-25, attracts over 15,000 purchasers and 50,000 visitors. It aims to introduce small businesses and products made in Uttar Pradesh.
Two-way trade between Vietnam and India saw a yearly increase of 13.6% to US$15.05 billion in 2022, according to the General Department of Customs.
In the year, Vietnam’s exports to India topped $7.96 billion, up 26.8% year-on-year. Among its export items, mobile phones and accessories posted the highest turnover with $1.52 billion, up 18.4%, making up nearly 20% of the total export value.
|Two-way trade between Vietnam and India saw a yearly increase of 13.6% to US$15.05 billion in 2022. Photo: VNA|
Meanwhile, Vietnam imported $7.09 billion worth of goods from India last year, a yearly hike of 2%. Its major import commodities from the market were iron and steel with nearly $775 million, down 44.6%; machinery and equipment ($549.3 million, up 28%) and ordinary metals ($515 million, up 26%).
According to the Vietnamese Trade Counsellor in India, Bui Trung Thuong, Vietnam and India could supplement each other in economic production. India is an important supplier of materials, while Vietnam has a high demand for materials in service of production and export.
India is Vietnam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials. The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters.
Besides trade, bilateral cooperation in tourism and investment also grew with the resumption and launch of direct air routes. Adani Group, for example, has committed to pouring $10 billion in Vietnam./.
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