According to Minister of Planning and Investment Nguyen Chi Dung, economic, trade, and investment relations between Vietnam and India are entering a new phase. The goal is to double bilateral trade turnover by 2030, reaching approximately US$30 billion.
Minister Nguyen Chi Dung stated that Prime Minister Pham Minh Chinh's state visit to India from July 30th to August 1st was highly significant in the current context. The trip opened a new phase in economic , trade, and investment cooperation, while simultaneously promoting and deepening the comprehensive strategic partnership between the two countries.
Currently, bilateral trade between the two countries has not reached its full potential and advantages. Specifically, two-way trade has not yet reached $15 billion, and Indian investment in Vietnam has not yet reached $1 billion.
In 2016, at the G20 Summit, the Indian Prime Minister declared Vietnam a key partner in the country's Look East strategy. Therefore, there is still much room and potential for cooperation between the two countries.
Regarding the capabilities of Indian businesses, Mr. Dung noted that India is 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.
Cooperation activities not only serve the Indian and Vietnamese markets but also expand participation into the global market. This is also the direction that the two Prime Ministers suggested through this state visit.
During the visit, Prime Minister Pham Minh Chinh met with major Indian corporations in key sectors such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, and tourism. A highlight was the bilateral business forum, attended by over 300 Indian businesses interested in the Vietnamese market.
The Minister of Planning and Investment emphasized that in the coming period, Vietnam and India will actively implement the signed agreements, memoranda of understanding (MOUs), and directives of Prime Minister Pham Minh Chinh. Bilateral trade is expected to double by 2030 compared to the current level, reaching approximately 30 billion USD.
In particular, major pharmaceutical cooperation projects between the two countries can be implemented immediately, especially in the construction of research and production centers for medicines to supply the world. These are very promising projects.
Regarding the Lien Chieu port project in Da Nang, the construction of a logistics center, and the oil and gas sector, Prime Minister Pham Minh Chinh directed the immediate establishment of working groups to support Indian businesses. This will help Indian businesses quickly implement their investment activities in Vietnam.
Hoai Anh
Source: https://doanhnghiepvn.vn/kinh-te/viet-nam-an-do-huong-toi-kim-ngach-thuong-mai-30-ty-usd/20240802010549676
