Vietnam, India promote cooperation in industrial development: Trade Connectivity Conference
WVR/VNA - Vietnam and India see advantages and potential for bilateral cooperation in developing manufacturing industries such as mechanics, electricity, electronics, digital technology, and energy, experts said at a trade connectivity conference held in Ho Chi Minh City on July 18, 2024.
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| Vietnam, India forge cooperation in industrial development: Trade Connectivity Conference: A business in Ho Chi Minh City introduces products to Indian firms at the conference. (Photo: VNA) |
The conference was jointly organised by the municipal Investment and Trade Promotion Centre (ITPC), the Confederation of Indian Industry (CII), and the HCM City Mechanical and Electrical Enterprises Association (HAMEE).
At the event, Deputy Director of ITPC Dao Minh Chanh said the comprehensive strategic partnership between the two countries has yielded impressive results across various sectors, especially in trade. According to statistics from the General Department of Vietnam Customs, bilateral trade increased more than 60 times, from 200 million USD in 2000 to over 14.36 billion USD last year, making India Vietnam's 8th largest trade partner. The value hit 7.18 billion USD in the first half of 2024, with Ho Chi Minh City exporting goods worth about 240 million USD to India, up 18% year-on-year.
Chanh said Vietnam and India have abundant untapped potential, notably in the fields of mechanics, electricity, electronics, digital technology, and energy. These sectors are development priorities and represent the largest categories in terms of import-export turnover in both countries. The nations are actively seeking new customers and markets, hence an opportune moment for them to team up, he noted.
Vice Chairman of HAMEE Tran Hoai Nam said the countries hold strategic positions in Asia, boast young labour forces, experience rapid economic growth, and possess open export markets thanks to international integration. As the sides consider industry as a cornerstone of economic development, they could step up partnerships in manufacturing sectors such as mechanical engineering, infrastructure construction, renewable energy, information technology, scientific research, and application of new technologies.
Nam unveiled that HAMEE plans to actively connect with Indian industry associations to organise bilateral investment and trade promotion conferences, while facilitating information sharing, mutual learning, and efficient technology transfer between the Vietnamese and Indian business communities.
Rohit Sharma, the head of the CII’s ASEAN and Oceanic office, said many Indian businesses have recognised and are exploring opportunities for cooperation with Vietnam in industries such as mechanical engineering, construction, and energy.
Participating Indian businesses said they hope that through exchange programmes and trade promotion activities, they will identify promising partners and new business opportunities in mutual trade, thereby contributing to further strengthening the Vietnam-India comprehensive strategic partnership.
(Source: WVR/VNA)
