According to Minister of Planning and Investment Nguyen Chi Dung, the current trade turnover between the two countries is not commensurate with the potential and advantages of the two countries. Currently, the two-way trade turnover has not reached 15 billion USD, and India's investment in Vietnam has not reached 1 billion USD. Minister of Planning and Investment Nguyen Chi Dung said that this figure shows that the potential and advantages of the Indian and Vietnamese markets have not been effectively exploited.

The visit promotes and deepens the Vietnam-India comprehensive strategic partnership (Photo: MPI)

Also according to Minister Nguyen Chi Dung, in 2016, at the G20 Summit, the Indian Prime Minister declared that he considered Vietnam an important partner in India's eastward strategy.

“Regarding the capabilities of Indian businesses, I think they are very strong in science and technology, innovation, biotechnology, pharmaceuticals, energy, manufacturing, and agriculture. If the economies of the two countries complement each other, they will build a high value chain, not only serving the Indian and Vietnamese markets but also expanding participation in the global market. This is also the direction that the two Prime Ministers suggested through this state visit,” said Minister Dung.

Minister Nguyen Chi Dung said that during this visit, Prime Minister Pham Minh Chinh met with many large corporations in important fields such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, tourism, and other fields. Among them, the most prominent event was the business forum between the two countries. In a short time, with the support of the Vietnamese Embassy in India and the Federation of Indian Chambers of Commerce and Industry, the Ministry of Planning and Investment successfully organized this forum with the participation of more than 300 businesses, which are Indian businesses interested in the Vietnamese market in various fields, in line with our policy of encouraging selective investment.

Minister of Planning and Investment Nguyen Chi Dung (Photo: MPI)

The commander of the Planning and Investment sector also emphasized that in the coming time, the signed agreements, MOUs that have been granted as well as the Prime Minister's instructions will be actively implemented, which are: First, two-way trade strives to double by 2030 compared to the present, reaching approximately 30 billion USD; second, large pharmaceutical projects can be implemented immediately, building a drug research and production center, supplying the world; third, with the Lien Chieu Port project in Da Nang, building a logistics center, oil and gas..., the Prime Minister has directed the immediate establishment of working groups to work with Indian enterprises in the process of researching and preparing project documents, helping them quickly comply with Vietnamese laws but shortening the time, and soon deploying investment attraction from India to Vietnam.

"I am completely confident that with the Prime Minister's direction and our active preparation, trade and investment between the two countries will increase strongly in the coming time, and at the same time achieve the orientations set by the two leaders at this meeting," Minister of Planning and Investment Nguyen Chi Dung expressed./.