(VEN) – Indian Ambassador to Vietnam Ranjit Rae said that India-Vietnam trade would reach US$5 billion in 2013 when speaking at the India-Vietnam Business Forum organized by the Indian Embassy, Haryana Chamber of Commerce and Industry (HCCI) and the Vietnam Chamber of Commerce and Industry (VCCI) on May 20 in Hanoi.
According to Indian Ambassador to Vietnam Ranjit Rae, India and Vietnam had maintained friendly political relations. India currently is one of Vietnam’s 10 largest trade partners and also a large market for Vietnamese investors with major economic, scientific and technological potentials. In addition, Vietnam has become an important partner to India in terms of trade and investment.
The business forum created favorable conditions for Indian and Vietnamese businesses to seek investment opportunities in order to promote bilateral economic growth between the two countries in the future.
Despite fluctuations in the global economy last year, trade turnover between India and Vietnam recorded good growth, with total trade turnover of nearly US$4 billion. In the first four months of 2013, total bilateral trade turnover reached over US$1.8 billion, an increase of 49 percent compared to the same period last year. In particular, Vietnam imported raw materials for processing, pharmaceuticals, iron and steel from India and exported phone components and agricultural products, such as coffee, tea and cashew nuts. “Total bilateral trade turnover between the two countries will reach US$5 billion this year,” the ambassador said.
Indian and Vietnamese investments have witnessed rapid growth in recent years. As of January 2013, India had 68 valid projects with a total registered capital of US$251.35 million, ranking 30th among the 98 countries and territories investing in Vietnam.
However, according to the ambassador, economic and trade relations between India and Vietnam were still not commensurate with potential and advantages and did not meet requirements and expectations.
The ambassador said that after the forum, Indian and Vietnamese businesses would have a better understanding of each other and adopt specific cooperation programs to increase investment, contributing to promoting bilateral economic growth between the two countries. In the near future, Indian businesses will certainly continue to invest in Vietnam. India also committed itself to creating favorable conditions for Vietnamese investors./.
By Song Huong
Đăng ký: VietNam News
