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Indian businesses promote trade with Vietnam
Representatives of Indian businesses expressed their desires to expand cooperation and promote trade in Vietnam at an annual exchange programme with Vietnamese businesses in Ho Chi Minh City on June 24.
Kuldeep Singh, Acting Consul General of India to HCM City, spoke highly of the growing trade ties between Vietnam and India, and confirmed that Vietnam is one of the important elements in India’s Look East policy.
Both countries have signed agreements on economic and trade cooperation, double tax avoidance, bilateral investment promotion, and science-technology cooperation. Indian exports to Vietnam are enjoying preferential taxes as from June 1, 2010 under the India-ASEAN Free Trade Area Agreement.
Trade ties between Vietnam and India have grown and flourished in recent times, increasing from US$72 million in 1995 to US$2.48 billion in 2008. Despite the global economic turmoil in 2009, bilateral trade value also fetched US$2.05 billion.
By the end of 2009, India had invested in 38 projects in Vietnam valued at US$201 million, ranking 29th among foreign investors in the country.
The exchange attracted 11 leading Indian businesses specialising in materials, automobile spare part manufacturing, construction, printing, telecommunication, paint, rubber, batteries, cement, shipbuilding, seaports and platform manufacturing.
It was jointly held by the Vietnam Chamber of Commerce and Industry and the Indian Business Association in Vietnam.
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