India, Vietnam Business Forum held in virtual mode, reaffirmed growing bilateral trade relations between the nations

The India Vietnam Business Forum was held via video conference on October 20, 2020. During the meet, both sides reaffirmed the growing bilateral trade and the investment ties between both nations.

While speaking on the occasion, Riva Ganguly Das, Secretary (East), External Affairs Ministry highlighted that the trade between India and Vietnam has grown steadily and presently stands at $12.34 billion in 2019-20.

The Business Forum between India and Vietnam was co-organized by the Vietnam Chamber of Commerce and Industry and India Chamber of Commerce.

Secretary(East) reaffirmed the growing bilateral trade and investment ties between India and Vietnam at today's virtual Business Forum co-organised by Indian Chamber of Commerce and Vietnam Chamber of Commerce and Industry.

Full remarks at https://t.co/wWHAo9Raim pic.twitter.com/ZW8BpIS6Uj

— Anurag Srivastava (@MEAIndia) October 20, 2020

India-Vietnam bilateral trade and investment relations: Key Highlights

• The Secretary (East), External Affairs Ministry during her keynote address highlighted that despite the ongoing COVID-19 pandemic, both the countries continued to maintain high-level engagements.

• The meager bilateral trade figure between Indian and Vietnam which was $200 billion in 2000 has now grown to 12.3 billion dollars in FY 2019-20.

• The export basket from India to Vietnam includes fishery products, bovine meat, cotton, pharmaceuticals, steel. While imports to India from Vietnam include, mobile phones, electronic hardware, computers, electrical machinery and equipment, natural rubber, chemical, coffee, etc.

• According to Vietnam’s Foreign Investment Agency, India also has about 278 projects in Vietnam with an invested capital of US$ 887 million.

• However, the bilateral trade turnover between both nations is still not equivalent to the levels of economic development which calls for more work that needs to be done to broaden the trade relations between both the nations.

India-Vietnam Relations:

Both the countries have always shared warm and friendly relations which is based on goodwill, mutual trust, and strategic convergence on several regional and global issues.

The comprehensive strategic partnership between India and Vietnam spans a wide range of collaboration which includes defence and security cooperation, political engagement, cultural exchanges, economic partnership, people to people contacts, and energy cooperation.

Vietnam is also a key pillar of India’s ‘Act East Policy’ and is an essential partner in India’s ‘Indo-Pacific Ocean’s initiative’, It is based on both the country’s shared value and interest in promoting stability, peace, and prosperity of the region.