Lê Hoàng Tài, deputy director of the Ministry of Industry and Trade's Vietnam Trade Promotion Agency (Vietrade) made the statement at an online meeting on trade promotion through the Vietnamese community in India on Wednesday, claiming Vietnam has a lot of potential to export goods to India.
The agency and trade office of the Vietnamese embassy to India in collaboration with the Vietnamese community in India and Nepal and the Indian Importers Chambers of Commerce and Industry organised the online meeting.
The seminar aimed to create a bridge with the Vietnamese community in India to exchange information with domestic businesses on trade prospects in India. Trade relations between Vietnam and India are complementary and many Vietnamese goods have export potential like agricultural products and processed foods, especially dragon fruit. Cashew, coffee, pepper, rubber and spices also have much potential in the Indian market.
The governments of the two countries have realised there is a need to promote co-operation in developing value chains in the textiles, footwear, electronic equipment, machinery and mechanical products sectors.
Tài said total import-export turnover between Vietnam and India increased by 2.06 times from US$5.43 billion to $11.21 billion from 2016 to 2019. Exports increased by 2.5 times from $2.69 billion to $6.67 billion, while imports increased by 1.65 times from $2.75 billion to $4.54 billion.