Vietnam, India identify cooperation areas to bolster bilateral trade

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In a statement, India’s Ministry of Commerce and Industry noted that Vietnam requires technological assistance for its socio-economic and trade development and India is an appropriate partner.

Vietnam and India have defined biotechnology in agriculture and healthcare, super-computing and remote sensing as among key areas to drive bilateral trade to 15 billion USD by 2020.

It continued that both countries have identified biotechnology in agriculture and healthcare, technology for new materials, IT and electronics, super-computing, nuclear energy for peaceful uses, science and technology, remote sensing and non-traditional energy as areas that can help expand trade and investment.

The issues were discussed at a meeting on October 24 between Vietnam’s Ministry of Agriculture and Rural Development of Vietnam led by Deputy Minister Tran Thanh Nam and the Trade Promotion Council of India.

Business opportunities and cooperation between India and Vietnam as well as ways and means to promote Indusfood, a trade fair for Indian food and farm produce in Vietnam, were also discussed.

Statistics of the General Department of Vietnam Customs showed that two-way trade turnover hit 6.36 billion USD in the first seven months of 2018.

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Vietnam-India trade sees strong growth in 7 months Bilateral trade between Vietnam and India experienced a significant yearly increase of 50 percent to 6.36 billion USD over the past seven months of 2018, ...