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Vietnam, India cement trade ties
18/11/2013

Vietnamese and Indian entrepreneurs were brought together at a business forum in New Delhi on November 15 to meet each other and discuss the investment climate and opportunities.

Le Thai Hoa, deputy head of the Department of Africa, West Asia and South Asia Markets under the Vietnamese Ministry of Industry and Trade, highlighted the traditional friendship between Vietnam and India , first set up by late President Ho Chi Minh and Indian Prime Minister Jawaharlal Nehru.

He also noted that both countries have signed a number of cooperation agreements on trade, double taxation avoidance and promoting investment stimulation.

They also released a joint statement on a comprehensive cooperation framework for the 21st century, and sealed a Memorandum of Understanding (MoU) on recognising Vietnam’s market economy.

India is one of the key economic partners of Vietnam, with two-way trade recorded at over 3.9 billion USD in the first nine months of this year.

Vietnam mainly imports corn, animal feed, medicine, iron and fabric from India while exporting computer and mobile phone, machinery, coffee and rubber to the market.

Both sides boast the possibility to develop their trade ties; however, bilateral exchanges in the field have yet to match with their potential, Hoa said.

He therefore suggested that local authorities from the two countries actively realize the terms set in cooperation documents, especially the ASEAN-India Free Trade Agreement, in order to create favourable conditions for their enterprises to do business in each country.

Businesspeople of both nations should increase exchanges to seek partners and partake in trade fairs and exhibition as well as inform each other of their business environment and investment opportunities, Hoa added.

Participating businesses took the occasion to introduce themselves to potential partners and get updated on business environment in the other country.-VNA

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