India-Vietnam ink 12 MoUs to boost trade and investment

New Delhi, 18 Dec (KNN) India and Vietnam have signed 12 agreements with Vietnam to enhance trade and investment cooperation.

It has agreed in the areas of public health, provision of pharmaceutical materials, drug and vaccine production, oil and gas, information technology and technology transfer, education and tourism, as published in United News of India.

The 12 Memorandum of Understanding (MoU)s were signed between Vietnamese and Indian enterprises at a Vietnam India Business Forum on Friday organised by the Embassy of Vietnam and the Confederation of Indian Industry (CII).

The President of the National Assembly of Vietnam signed on behalf of Vietnam from 15th to 18th December, 2021.

Trade and investment cooperation has been one of the main pillars of bilateral relations between Vietnam and India which has over 315 active projects in the country with a total investment of nearly USD 1 billion, ranking 26th out of 141 countries and territories investing in Vietnam.

The capital mainly focuses on processing and manufacturing sector accounting for 54.5% of Vietnam's industry.

In terms of trade, the two-way turnover in the first 10 months of 2021 reached nearly USD 11 billion, up by nearly 40% y-0-y and surpassed the total trade turnover of 2020.

India is currently amongst the top 10 biggest trading partners of Vietnam while Vietnam is India's fourth-largest trading partner in ASEAN.