The ambassador was speaking at a recent webminar on global trade and investment opportunities for Indian industry in Vietnam organised by India’s PHD Chamber of Commerce and Industry (PHDCCI).
Vietnam and India have emerged as global trade partners due to their policy initiatives and increase in their trade and investments, he said.
While applauding PHDCCI’s diligent efforts in fostering business and trade relations of India with other countries of the world, Verma discussed challenges faced in Vietnam related to disruption in production, supply chain, logistics, and many more yet at the same time arising of new opportunities in areas of technology, business practices, trade relations, diversifying partners and trade baskets.
Verma emphasised that there is a need for Vietnam and India to take advantage of each other’s economic strength for increasing business relations between the two nations, at the same time leverage each other’s global value chains to utilise each other’s trade network.
There is also a need to look at the domestic market, especially in India that can offer growth opportunities to Vietnam with focus on e-documentation and e-payments which help to increase business growth and foster B2B engagement, connecting MSMEs.
There is a need for structural improvement where the government and business partners need to work in sync and also improve shipping connectivity between the two nations.
He further added that mutual recognition of standards and certifications will have a positive impact on the trade and electrical machinery vertical.
Counselor Do Thanh Hai spoke about the flow of economic and trade opportunities between Vietnam and India despite the pandemic, saying the economic and trade exchange will pick up in the time to come.
There is a restructuring of the global supply chain and both nations have the capabilities to take advantage of the opportunity. With the strategic location of both nations and change in reforms, there will be an increase in trade exchange and will be a driving engine for the global economy in near future, he said.