Vietnam and India Businesses Seek to Boost Trade Cooperation

Vietnam's export turnover to India in 2022 increased by 26.7% compared to 2021. Photo: congthuong.vn

At the Vietnam-India business exchange event organized by the Embassy of India in Vietnam on the occasion of the visit of a delegation including 25 Indian businesses, Tran Huyen, representative of the import-export company Xanh VT said that the company is currently looking for an Indian cooking oil supplier to export to a third country at the request of customers in this country.

At the event, Tran Huyen also said that the business connected with an Indian partner to supply cooking oil products according to the needs of the business and hoped that in the coming time, the two sides will successfully connect and trade.

Xanh VT is one of many Vietnamese and Indian enterprises participating at the event with the aim of finding partners and opportunities for Vietnam-India trade and investment promotion.

According to Nguyen Hong Quang, sales manager of Fujisash Vietnam Co., Ltd., Vietnam is becoming the production center of the region and the world. Many Indian businesses have the need to invest in building factories, setting up production and business chains in Vietnam. Therefore, Fujjsash wishes to cooperate and accompany Indian businesses in this process.

At the event, a representative of an Indian business also said that Vietnam is a country with rich agricultural products and high potential for industrial development. Therefore, the purpose of the visit to Vietnam is for finding quality products and goods to serve the Indian market, export to other markets in the world.

Tran Quang Huy, director of the Asia-Africa Market Department (Ministry of Industry and Trade), said that the bilateral trade between Vietnam and India grew significantly in recent years.

Specifically, in 2022, in the context of complicated developments of the Covid-19 pandemic, bilateral trade between Vietnam and India reached US$15 billion, the highest ever. In which, Vietnam's export turnover to India reached US$7.9 billion, up 26.7% over the previous year, Vietnam's import turnover from India reached approximately US$7.1 billion, up 1.7% compared to 2021.

Many Indian businesses want to find cooperation opportunities in Vietnam. Photo: congthuong.vn

According to data from the General Department of Vietnam Customs, Vietnam's exports to India in 2022 reached more than US$7.9 billion, compared with US$6.28 billion in 2021.

Phones and components have the highest value with US$1.52 billion, up 18.4% from US$1.29 billion in 2021, followed by computer products, electronic products, and components reaching US$1.03 billion, up 25% compared to 2021.

Among the products exported to India by Vietnam, coffee is the commodity with the highest increase in value compared to 2021, increasing by 164.7%, from US$21.69 million in 2021 to US$57.40 million in 2022, followed by iron and steel of all kinds, up 96.8% from US$113.46 million in 2021 to US$171.1 million in 2022, footwear up 96.8% from US$113.46 million to US$223.35 million in 2022.

Sharing about the prospect of promoting trade between the two countries in the coming time, Tran Quang Huy said that Vietnam identifies India as an important market in South Asia and the world.

The Vietnamese business community over the years has been constantly growing. Many Vietnamese enterprises reached out to the world, gradually affirming their position in the international market thanks to the quality of their products. They brought "Made in Vietnam" products to international consumers. This is an opportunity for Vietnamese enterprises' products to conquer consumers in the Indian market.

The Indian side also said that Vietnam is a market with a size of 100 million people, a rapidly growing middle class and high economic growth for many years.

Vietnam and India established diplomatic relations for 50 years (1972-2023). In recent years, trade and investment relations between the two countries developed positively.

The two countries also have cultural similarities. The fact that businesses of the two countries are interested in this trade connection event is the clearest proof that the two countries' trade relations will be strengthened.

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