According to statistics from the General Department of Vietnam Customs, the two-way trade between Vietnam and India exceeded US$2.34 billion in the first three months of 2020. Of these, the export turnover of Vietnam hit more than $1.39 billion and imports from India touched $1.05 billion. Thus, the country saw a trade surplus of $343 million.
According to the Trade Promotion Agency under the Ministry of Industry and Trade, Vietnam highly appreciates India as the 10th largest trade partner of Vietnam. However, there are still unexploited potentials between the two countries. Many Vietnamese products, including longan, rambutan, lychee, and durian, are favored by Indian people and many Indian products that Vietnamese people need but they have not been available in each other’s markets.
Both countries have been speeding up the promotion and cooperation towards reaching an agreement on trade promotion and cooperation opportunities for the benefits of businesses of both sides, contributing to supporting enterprises to overcome the pandemic safely; striving to reach the two-way trade target of $15 billion this year that the two countries have set.