PM calls for joint efforts to raise Vietnam-India trade to $20 bln

Prime Minister Pham Minh Chinh proposed Vietnam and India to promote and effectively implement measures to raise the two-way trade to $20 billion in the coming time, while addressing the Vietnam-India Business Forum in New Delhi on July 31, as part of his State visit to India between July 30 - August 1.

The two-way trade between the two countries increased from $200 million in 2000 to $14.2 billion in 2023, of which $8.5 billion came from Vietnam’s exports.

India is one of the eight largest trade partners of Vietnam while Vietnam is one among the top four ASEAN countries in terms of trade ties with India.

Indian currently has 410 valid investment projects with a total registered capital of $1.03 billion in Vietnam, while there are 16 Vietnamese-invested projects in India with a total registered capital of over $14 million.

At the event, PM Chinh highlighted that the Vietnamese Government always encourages Indian businesses to expand investment  in areas where India has strengths and Vietnam has high demand and priority, such as high technology, electronics, science and technology, artificial intelligence (AI), infrastructure development, renewable energy, new energies like hydrogen, biotechnology, innovation, high-tech agriculture, and pharmaceuticals.

He suggested Indian ministries, associations, and organizations support and promote dialogue and investment connections; act as a bridge between the governments and business communities of both countries; support Vietnamese businesses to expand their investment and operate effectively in India; and create favorable conditions for more Vietnamese goods to access the Indian market.

The Vietnamese Government leader also requested Vietnamese ministries, sectors, and localities to increase dialogue to address difficulties and obstacles faced by Indian investors in Vietnam; review and reform administrative procedures; reduce and simplify unnecessary ones; increase the use of digital technology; intensify decentralization; lower compliance and input costs for citizens and businesses; and well prepare conditions and infrastructure to attract foreign investment.

Based on the principles of "harmonious benefits and shared risks" and "what is said must be done, what is committed must be executed, and what is executed must yield measurable results", the Vietnamese Government is committed to listening to, supporting, and creating all favorable conditions for foreign investors in general and Indians in particular, ensuring that their investments and business operations in Vietnam are smooth, effective, and sustainable, affirmed the PM.

At the forum, in the witness of PM Chinh, the two countries’ enterprises exchanged six cooperation agreements in the fields of aviation, tourism, culture, and pharmaceuticals.