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Vietnam, India promote trade ties
Representatives from 11 leading Indian businesses have met with their Vietnamese partners in Ho Chi Minh City.
The meeting is an annual trade promotion activity held by India’s Chemicals and Allied Products Export Promotion Council (Capexil) in Vietnam .
The participating Indian businesses are operating in such industries as automobile manufacture, building materials, printing, telecommunications, painting, rubber, battery, cement, ship building, sea port, and oil rig making.
Addressing the event, Acting Consul General Kuldeep Singh said that Vietnam is one of the important factors of India’s Look East policy.
Vietnam and India have signed protocols on economic and trade cooperation, double taxation avoidance, bilateral investment promotion and scientific and technological cooperation. Numerous Indian goods are enjoying tax preferences since the India-ASEAN free trade agreement took effect on June 1, 2010.
Two-way trade between Vietnam and India has risen from 72 million USD in 1995 to over 2 billion USD in 2009 despite the global financial and economic crisis.
By the end of last year, India had 38 investment projects totalling 201.4 million USD in Vietnam , ranking 29 th among 89 foreign investors in the country.
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