Vietnam, India expect two-way trade to hit US$15 billion by 2020

Ten Indian enterprises operating in the fields of renewable energy, waste treatment, technology, aviation and banking participated in the “Vietnam-India Trade Exchange” recently held by the Vietnam Chamber of Commerce and Industry -  Ho Chi Minh City Branch (VCCI-HCM).

According to VCCI-HCM, last year, two-way trade between Vietnam and India reached US$10.69 billion, up 40 percent compared to that in 2017. Of which, export value of Vietnam hit $6.54 billion, up 74.2 percent compared to 2017. Vietnam mainly exported computers, electronic products, cellphones and components to India.

Thanks to the trade agreement between ASEAN and India, many products of Vietnam received import tariffs of zero percent which has helped promoting export. The two countries aim to increase trade turnover to $15 billion by 2020.

Mr. Vo Tan Thanh, director of VCCI-HCM, said that India and Vietnam are both dynamic and fast-growing economies in Asia. Trade and investment relationship between Vietnam and India has been improved and gained several important results in the past years. Vietnam is a potential market to attract foreign investors with stable politic and economic environment, appealing investment policy, competitive labor cost, available raw material source and open market accessibility thanks to free trade agreements that Vietnam recently signed, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement. As for India, high economic growth shows many bilateral development opportunities between the two countries in financial services, information technology, renewable energy, healthcare, tourism and aviation.