Vietnam's PM Pham Minh Chinh Seeks To Increase Bilateral Trade With India To USD 20 Billion

New Delhi, Aug 1 (KNN) Vietnamese Prime Minister Pham Minh Chinh, during his three-day visit to India, has called for strengthened bilateral cooperation in various sectors, particularly in semiconductor technology innovation.

Addressing the Vietnam-India Business Forum organised by FICCI, Prime Minister Chinh expressed optimism about the potential for bilateral trade to increase from the current USD 15 billion to USD 20 billion in the coming years.

The Vietnamese leader highlighted several key areas for collaboration, including digital transformation, green hydrogen, pharmaceuticals, renewable energy, and biotechnology.

He emphasised Vietnam's role as a crucial partner in India's Act East policy and acknowledged the efforts of both governments in facilitating business relations.

Prime Minister Chinh stressed the importance of mutual support and comprehensive strategic cooperation between the two nations, encompassing supply chains, strategic resources, climate action, environmental technology, human resources, defense, and security.

He called for shared benefits and mutual advisement in these areas.

Current trade statistics reveal that bilateral trade between India and Vietnam reached approximately USD 14.82 billion in 2023-24. India's exports to Vietnam totalled USD 5.47 billion, while imports stood at USD 9.35 billion.

Key Indian exports include buffalo meat, marine products, and iron and steel, while Vietnam's top exports to India comprise electronic components and telecom instruments.

During his visit, Prime Minister Chinh is scheduled to receive a ceremonial welcome at Rashtrapati Bhavan on August 1 and is expected to engage in bilateral discussions with Indian Prime Minister Narendra Modi.

The Vietnamese leader also expressed interest in attracting Indian investments in sectors such as transportation, health, and education.

He specifically mentioned plans to establish a pharmaceutical sector to address healthcare needs, particularly in oncology, cardiovascular diseases, and diabetes treatment.

Despite the growing trade relationship, investment levels between the two countries remain relatively low. Indian investments in Vietnam are estimated at USD 2 billion, including investments routed through third countries.

Conversely, Vietnam's investment presence in India is limited, with only six projects totalling approximately USD 28.55 million as of 2022.

As both nations seek to enhance their strategic partnership, Prime Minister Chinh's visit is expected to pave the way for increased cooperation and mutual growth in various sectors.

(KNN Bureau)