Vietnam, India eye USD15 billion bilateral trade revenue in 2020
Vietnam and India have targeted trade revenue of USD7 billion in 2015, increasing to 15 billion USD by 2020.
These goals were unveiled at the second meeting of the Vietnam-India joint subcommittee in Hanoi on January 20.
During the meeting both sides agreed to enhance strategic partnership, remove trade barriers, and facilitate investments in key industries such as oil and gas and garment and textiles towards the intended growth.
The meeting in Hanoi on January 20 (Photo: VNA)
They will continue to strengthen collaboration within the ASEAN – India framework and advance negotiations of the Regional Comprehensive Economic Partnership (RCEP). A centre for commerce and investment between ASEAN and India is expected to be developed soon.
Addressing the function, Indian Commerce and Industry Deputy Minister Rajeev Kher affirmed that Vietnam continues to be a pillar in his country’s Look East policy.
Cao Quoc Hung, Deputy Minister of Industry and Trade, highlighted positive economic changes resulting from the two countries’ partnership in recent years, adding his wish to enhance the ties even further.
According to official statistics from the Ministry of Industry and Trade, total bilateral trade revenue worth USD5.15 billion between Vietnam and India from January to November 2014 includes USD2.27 billion from export and USD2.88 billion from import, a 4.5 and 12.5 percent respective annual increase.
Vietnam primarily exports electronic products, machines, agricultural goods, and apparel to India, importing fishery products, medicines, and spare parts.
Currently, there are 84 projects across Vietnam invested by India, valued at USD258 million. Most of the projects belong to the energy and food processing industries./.