31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam, India target bilateral trade of US$15 billion in 2020
Ngoc Mai 11:20, 2020/02/28
Minister of Planning and Investment Nguyen Chi Dung expected Vietnam and India to accelerate the process of opening markets for goods and products from each country.

Vietnam and India should enhance cooperation in advantageous fields of each country to realize the trade turnover target of US$15 billion in 2020, VietnamFinance quoted Nguyen Chi Dung, minister of Planning and Investment, as saying.

 Overview of the meeting. 

In 2019, bilateral trade stood at US$11.3 billion while investment from India, the world’s fifth largest economy, in Vietnam remained modest at less than US$1 billion, much lower than the expectation and potential of two countries, said Dung at a meeting with India’s Minister of State for Commerce and Industry Som Parkash.

India is one of Vietnam’s major trading partners, Dung stated, adding the two countries could further cooperate in mining, textile & garment, footwear, supporting industries, machinery, and IT, among others.

Dung expected both countries to accelerate the process of opening markets for goods and products from each country, particularly Vietnamese fruits, and refrain from adopting measures hindering bilateral trade.

Dung requested India to consider issuing one-time import license for nearly 300 containers of incense products from Vietnam, which have been produced under orders from Indian customers but are stopped from delivery due to the change in India’s import regime last August.

At the meeting, Parkash said Vietnam and India have huge potential for investment cooperation in food, energy, mining and pharmaceutical products.

Many Indian enterprises are investing in Vietnam and received positive results, added Parkash.

According to Parkash, the two countries should set up a joint-working group to promote investments between Vietnam and India.

TAG: Vietnam India bilateral trade MPI
Other news
14:27, 2022/27/01
Vietnam exports one step closer to US$368-billion target
The country has posted a trade surplus of nearly $11 billion.
20:16, 2022/16/29
Vietnam to hold a 60-hour livestream shopping with numerous promotions
Online Friday will be the biggest online shopping day of the year, with the participation of numerous companies offering exclusive discounts of up to 100%.
16:05, 2022/05/29
Handicrafts: Key to socio-economic growth of Hanoi's district
The value of industrial and craft production amounted to VND11.3 trillion (US$456 million) in January-September, up 9.2% year-on-year.
18:14, 2022/14/27
Hanoi's tourism shows strong recovery since March 2022
Eight months after the reopening of international travel, Hanoi has seen substantial development in the tourism sector.
07:24, 2022/24/26
Embassy key to boosting the Vietnam-Philippines economic relations: National Assembly Chairman
National Assembly chairman Vuong Dinh Hue visited the Vietnamese Embassy in the Philippines during his tour of this country.
22:11, 2022/11/25
Vietnamese firm exports first electric cars to the US
VinFast, the car-making arm of Vietnam's private conglomerate Vingroup, today shipped 999 electric units to the US.