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Vietnam and India seek to enhance bilateral cooperation post-Covid-19

Candy Lee Candy Lee


June 13, 2020 | 08:41

On June 12, the Vietnam Trade Office in India and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) held an online workshop in New Delhi to discuss opportunity to increase bilateral cooperation, especially in economics, trade and tourism, once the COVID-19 pandemic is brought under control.

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Delegates attending the online workshop (Photo: VOV)

At the workshop, delegates from the two sides together examined the impact of the Covid-19 pandemic on the global economy, including Vietnam and India, and reviewed ways to weather the storm. They also discussed cooperation opportunities for the two countries to enjoy as soon as the pandemic is under control, as well as looked at hurdles to stimulate bilateral trade and investment, according to VOV.

Speaking at the conference, Vietnam Ambassador to India Pham Sanh Chau said that the two countries' establishment of direct flights linking each other's economic centers is an advantage for developing trade, after the Covid-19 pandemic is controlled. The next step should be to open direct maritime routes, helping to shorten the time of transporting goods between the two countries.

Ambassador Pham Sanh Chau said that Vietnam is considering licensing Indian banks to open branches in Vietnam, granting longer-term visas for Indian businesses to explore business and tourism opportunities in Viet Nam.

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The Covid-19 pandemic is an opportunity for both sides to find new ways to promote bilateral cooperation (Photo: Industry and Trade News)

Meanwhile, according to Indian Ambassador to Vietnam Pranay Verma, the Covid-19 pandemic is an opportunity for both sides to find new ways to promote bilateral cooperation, especially in the context of changing global supply chains.

The Indian diplomat said that the Vietnamese market still has a lot of potential with Indian businesses, especially the ones in the fields of medicine, steel and agriculture. In addition, India also hopes that Vietnamese businesses will learn and consider investing in the Indian market more next time.

Sharing at the Conference, the delegates also highlighted the opportunities of the Indian textile and apparel industry, especially when the National Assembly of Vietnam has ratified the Free Trade Agreement between Vietnam and the European Union (EVFTA).

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Vietnamese market still has a lot of potential with Indian businesses (Photo: International News)

India, with a highly developed fiber and textile industry, can produce most of the existing apparel fabrics and accessories on the market and is currently among the top three countries supplying textiles and clothing of the world.

When Vietnam wants to boost production and export, India can be a source of quality fabrics for Vietnam, helping to bridge the gap and even enhance Vietnam's competitiveness in the international market. This is an open market that textile businesses from India and Vietnam need to exchange and exploit, International News reported.

Over the years, India has strongly promoted closer economic relations with the Association of Southeast Asian Nations (ASEAN), with continuously rising bilateral trade and investment.

In ASEAN, Vietnam with its 96 million consumers is considered a major exporter. Currently, Vietnam is India's fourth largest trading partner in ASEAN. It is also the 8th largest market for Indian exports worldwide, and is the 2nd largest market among ASEAN countries.

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Candy Lee