Deputy Prime Minister Tran Luu Quang spoke at the Vietnam-India Business Forum. Photo: VGP

On the afternoon of January 10, on the occasion of coming to India to attend the 10th Vibrant Gujarat Global Summit, Deputy Prime Minister Tran Luu Quang attended and spoke at the Vietnam-India Business Forum.

Speaking at the forum, Deputy Prime Minister Tran Luu Quang said that after 40 years of reform, Vietnam has achieved important achievements in socio-economic development.

The scale of GDP increased more than 100 times, to about US$430 billion in 2023. Vietnam achieved high economic growth for many years, having trade relations with more than 230 countries and territories.

Vietnam participates in 16 free trade agreements with 60 countries, and major partners in the group of 20 economies with the world's leading trade scale.

In 2023, in the context of a difficult world economy, Vietnam achieved a growth rate of 5.05%, higher than the world average (2.9%) and ASEAN (about 4.3%).

Deputy Prime Minister Tran Luu Quang and delegates attending the Vietnam-India Business Forum. Photo: VGP

Recently, the Vietnam-India comprehensive strategic partnership has made important progress in many fields. The business communities of the two countries play an important role in promoting bilateral economic cooperation.

The two sides are aiming to bring trade turnover to US$20 billion. Many large corporations from India and the state of Gujarat are investing and doing business in Vietnam.

Some large Vietnamese enterprises are already in India. Trade and tourism are constantly being promoted, including the opening of direct flights between the two countries.

However, the economic relations between the two countries are not on par with good political relations, potential and strengths, and have not met the expectations of both sides. Two-way trade turnover is still modest compared to the scale of both economies. There are no large investment projects of Indian businesses in Vietnam and vice versa.

The Deputy Prime Minister said that there is still a lot of potential and room to bring economic cooperation between the two countries to breakthrough development in the coming time, especially in new trends and fields such as green economy, circular economy, digital transformation, software industry, semiconductors, and artificial intelligence.

Vietnam always places a high priority on promoting comprehensive cooperation with India, especially in economics and trade.

Vietnam is ready to create conditions for Indian businesses to operate long-term and successfully in Vietnam, the Deputy Prime Minister said.

The Deputy Prime Minister hoped that Indian agencies and partners would support Vietnamese businesses investing and doing business in India to achieve high efficiency, stability, and sustainability.

He suggested that delegates attending the forum would discuss frankly opportunities, advantages as well as difficulties, challenges, and barriers to economic cooperation, trade, and investment between the two countries, investment and business activities of businesses particularly.

The Deputy Prime Minister requested Vietnamese ministries, branches, and localities to thoroughly synthesize opinions and suggestions from Indian businesses, to respond, answer and handle promptly after the event.

Tran Luu Quang said that with the joint efforts of the two sides, Vietnam-India economic cooperation particularly, and the Vietnam-India comprehensive strategic partnership will be strengthened, contributing to the sustainable development and prosperity of the two countries, the cooperation, and development in the region and the world.

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