Aiming to broaden their business scope and secure a robust presence in the Indian market, close to 50 Vietnamese enterprises participated in a significant trade promotion and business matching programme held on September 22 and 23. This programme was a highlight of the inaugural UP Trade Show (UPITS), a venture initiated by the administration of the Indian state of Uttar Pradesh.
The Vietnamese contingent, supported by the Trade Office of Vietnam in India, represented over 10% of the international attendees, underlining the increasing importance of Indo-Vietnamese trade relations. The UPITS event was organized in harmony with the Federation of Indian Export Organisations (FIEO), aimed at fostering international business relations and showcasing the burgeoning export capabilities of Uttar Pradesh.
The multi-day trade event taking place at the expansive India Expo Mart in Greater Noida from September 21 to 25, has drawn the attention of over 15,000 purchasers and 50,000 visitors. The agenda includes various business matching events and export promotion forums aimed at introducing small businesses and products native to Uttar Pradesh to the global market.
During one of the forums, FIEO Director General, Ajay Sahai, emphasized the vision of transforming Uttar Pradesh into a prominent export hub of India, contributing significantly to the nation’s gross domestic product. On a similar note, FIEO Deputy Director General, Ashish Jain, underscored India’s escalating role in the global market despite the prevailing global uncertainties, high inflation rates, and declining consumption demand. The discussions also ventured into strategizing marketing approaches to elevate India’s standing on the global stage.
The participation of Vietnamese companies in such numbers is a testament to the growing business relations between India and Vietnam. It also highlights the shared objective of mutual economic growth and resilience, particularly in a time when global economies are striving to recover and adapt to the new normal post the pandemic.
This event not only served as a platform for promoting Uttar Pradesh’s local businesses but also as a conduit for fostering international trade relations, opening new avenues for collaboration and business engagement between India and Vietnam among other nations. As the world gradually transitions towards a global marketplace, such initiatives embody the essence of international cooperation and economic interdependence.
Brief on Vietnam-India Trade Statistics
The fiscal year 2022 saw Vietnam and India bolstering their bilateral trade, marking a 13.6% surge, and reaching a cumulative total of US$15.05 billion, as delineated by the Vietnam News Agency (VNA) based on figures from the General Department of Customs.
Vietnam’s exports to India witnessed a remarkable ascent of 26.8%, accumulating to $7.96 billion. The spearhead of this growth was the mobile phones and accessories sector, fetching $1.52 billion, an 18.4% increment, forming nearly 20% of the total export value. Following closely were computers, electronics, and parts with a revenue of $1.03 billion, up 25%, while machinery and equipment secured a solid third place with $804 million, going beyond 10% of the exports.
Notable rises were also seen in other commodities; coffee led the charge with a 165% rise, trailed by iron and steel (97%), and footwear (96%)., On the flip side, some items faced a decline in export value; animal feed and raw materials dropped to $23.04 million, down by 76.5%, alongside coal which slid by 46% to $7.68 million.
Vietnam’s imports from India also saw a slight uptick, with goods worth $7.09 billion making their way into the country, denoting a yearly increase of 2%. The lion’s share of imports was claimed by iron and steel, tallying nearly $775 million, machinery and equipment ($549.3 million), and ordinary metals ($515 million).
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