India-Vietnam Agricultural Trade Much Room for Further Growth

3:03:15 PM | 3/21/2023

With much potential for agricultural trade, Vietnamese and Indian businesses are fostering connectivity and trade promotion to seek cooperation opportunities.

VCCI Vice President Bui Trung Nghia receives the Indian business delegation

Mr. Bui Trung Nghia, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), hosted a working meeting with an Indian business delegation of more than 40 members led by Mr. Vaibhav Wadhawan, Deputy Director of the Federation of Indian Export Organizations (FIEO).

In 2022, Vietnam-India bilateral trade reached an all-time high of more than US$15 billion. Of the sum, Vietnam's exports to India are valued at nearly US$8 billion. Regarding investment, as of February 2022, India had 315 valid projects with a total registered capital of over US$918 million.

Remarking on Vietnamese and Indian business cooperation potential, Mr. Vaibhav Wadhawan said that Indian businesses are interested in exporting and looking for partners in the Vietnamese market, especially in the agricultural sectors.

He expressed his hope that VCCI will support Indian businesses to discover more about the market and provide information about technical requirements, import and export standards to enhance trade connectivity and expand the distribution of high-quality products to the Vietnamese market.

Sharing the same viewpoints with Mr. Wadhawan, VCCI Vice President Bui Trung Nghia said that India is a strategic and comprehensive partner that still has much potential for the two sides to strengthen cooperation. Regarding trade, in addition to existing strong exports of the two countries, food and agricultural products have a robust potential for high growth, cooperation and development.

With a stable economic and political environment, and a young, abundant and highly skilled workforce, Vietnam is a secure and reliable destination for foreign investors, including Indian companies, he added.

VCCI is a representative agency for the Vietnamese business community, with more than 10,000 direct members and nearly one million indirect members through domestic business associations, said Mr. Nghia. VCCI will work closely with Indian agencies, especially the Indian Embassy in Vietnam and FIEO, to bring useful market information as well as new business opportunities for the business community of both sides, in both business and investment fields, he affirmed.

By H.Ly, Vietnam Business Forum