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Trade & economic ties set to increase with India

27
Nov '08
The Indian President Ms Prathiba Patil is on a state visit to Vietnam. While addressing a business forum she said that India and Vietnam will continue to be superb trading partners. According to the President, opportunities between the two countries could be explored in areas of technology transfer, research and development and private-public investment in infrastructure development.

This is the second visit to the country by an Indian President since both the countries established their diplomatic ties in 1972. The main purpose of the visit is to increase the level of cooperation and expand the relationship across all sectors like economy, trade, investment, science and technology and culture.

At the Vietnam-India business forum held in HCM city she said close bi-lateral cooperation would go a long way in opening up new opportunities and strengthening the relationship between the business communities of the two countries and also expressed the hope that the ties would deepen further once the India-ASEAN free trade agreement was signed.

According to statistics, India has emerged as the biggest trading partner for Vietnamese exports to South Asia. Bi-lateral trade has increased from US $490 million in 2003 to touch $1 billion in 2006 and $1.5 billion in 2007. In the period January – September 2008, the two way trade has already crossed $2 billion with exports by Vietnam reaching $1.7 billion and imports from India achieving $308 million.

Vietnam exports handicraft, footwear, textiles and garments among a host of other products while imports cotton, pharmaceuticals, IT and medical equipment from India.

Fibre2fashion News Desk - Vietnam


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