Vietnamese Prime Minister Pham Minh Chinh aims for $20 billion bilateral trade goal with India, seeking to strengthen economic ties. At the Vietnam-India Business Forum, organized by FICCI and the Embassy of Vietnam, Chinh highlighted Vietnam’s economic progress and invited Indian investment in sectors like infrastructure, digital technology, and pharmaceuticals.
Reflecting on a friendship spanning over 2,000 years, Chinh called for a comprehensive partnership to foster collaboration. He underscored Vietnam’s dedication to independence, self-reliance, and multilateralism, presenting the nation as a dependable global ally.
Chinh urged Indian investors to focus on high-tech areas such as semiconductors, digital transformation, green hydrogen, and biotechnology. With Indian pharmaceuticals meeting 33% of Vietnam’s needs, he expressed a keen interest in developing a strong pharmaceutical sector.
He encouraged Indian businesses to integrate Vietnamese firms into their supply chains, viewing Vietnam as a investment destination. Recent investment commitments from Indian companies were welcomed, reflecting optimism for sustained economic engagement.
Union Minister of State for Commerce & Industry, Jitin Prasada, highlighted the complementary growth strategies of India and Vietnam. Both nations are growing at nearly double the global average, showcasing the potential for expanding bilateral trade. India’s role as the guest of honor at the 33rd Vietnam International Trade Fair marks a significant milestone in trade relations.
The ongoing review of the 2009 India-ASEAN Trade and Goods Agreement, expected to conclude by 2025, and negotiations for the Indo-Pacific Economic Framework promise to boost economic cooperation further.
FICCI’s Past President and Chairman & Managing Director of Somany Impresa Group, Sandip Somany, emphasized strong economic ties between India and Vietnam. Bilateral trade has reached $14.8 billion, with agriculture, pharmaceuticals, ICT, and renewable energy identified as key growth sectors. Somany also pointed out the potential for Buddhist-centric tourism and destination weddings to enhance bilateral relations.
The forum also saw the launch of a direct flight service between Da Nang, Vietnam, and Ahmedabad, Gujarat, easing business and cultural exchanges.
Elevating the Vietnam-India Partnership Globally
Prime Minister Chinh’s $20 billion trade target highlights the growing significance of the Vietnam-India partnership. As both nations rapidly progress, their collaboration could set a benchmark for others aiming to forge strong bilateral trade relationships.
Emphasis on high-tech sectors, pharmaceuticals, and green technologies aligns with global trends towards sustainable development and innovation. This robust trade partnership not only boosts their economic outlook but also contributes to broader global economic stability.
Initiatives like the new direct flight service underline the importance of cultural and business exchanges. These efforts are set to increase tourism and cultural understanding, strengthening the bond between the two nations.
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