Vietnam-India trade posts high growth

Vietnam-India bilateral trade has seen a continuous growth during past years, especially since the two countries established the strategic partnership tie in July 2007. Of which, Vietnam’s export turnover to India has always gained high growth. In 2009, the growth was 10.8 percent against 2008′s and it was 136.2 percent in 2010 in comparison with 2009′s.

According to the General Department of Vietnam Customs, the Vietnam-India total trade turnover in January 2011 reached $364.7 million, growing 63.1 percent from last January, of which, Vietnam’s export to India gained $97.4 million, a year on year rise of 85.8 percent and Vietnam’s import spending from India was at $267.3 million, rising 56.1 percent y-o-y.

Currently, Vietnam is diversifying its export items more and more to Indian market, rather than only agricultural products. In 2010, Vietnam’s export commodities to India gained high value including coal ($78.67 million), rubber and its products ($76.87 million), iron and steel and its products ($67.12 million) and machines, equipments and other components ($61.15 million).

According to economists, although the structure of export items of the two countries is relative similar, the strength of Vietnam is also India’s advantage such as agricultural, aquatic products and apparel products, however, Vietnam’s export items are gradually finding its foothold in the Indian market.

India is now Vietnam’s 11th biggest buyer.

As announced by the Vietnam Chamber of Commerce and Industry (VCCI), after getting the consent from the prime minister, in 2011, the Vietnam-India Business Forum will be officially established and started operations. The forum will be a place for Vietnamese and Indian enterprises to meet, exchange and share experience and develop investment cooperation.

Notably, in the fiscal year 2011-2012, Indian Embassy to Vietnam plans to actively carry out the trade promotion programs to strengthen the bilateral trade between the two countries.

Moreover, the embassy will also hold catalogue exhibitions at the big fairs in Hanoi and HCM City to help Vietnamese importers know Indian companies and products.

Tags: Vietnam India trade

Posted by VBN on Mar 10 2011. Filed under Import-Export, Import-Export turnover. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry