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Trade turnover with India healthy
Trade turnover between Viet Nam and India reached nearly US$937 million in the first quarter of this year, an annual decline of 7.25 per cent, reported the Viet Nam Overseas Trade Office in India.
It affirmed that despite the decline, India remained one of the country's 10 biggest trade partners.
Thanks to a free trade agreement signed more than two years ago, commerce between the two countries has developed significantly, the office added.
In the first quarter, Viet Nam's total export turnover hit $336.2 million, up 11.3 per cent over the same period last year.
Key exports to India achieved high growth.
In particular, the export value of machinery increased by more than 188 per cent while that of computers and electronics upped by 38.3 per cent.
Rubber exports reached the highest growth rate at more than 300 per cent.
During the first three months, India imported 100,000 tonnes of rubber to produce car tyres for domestic and international sale, the office explained.
Other exports enjoying growth were seafood (more than 95 per cent) and footwear (51.7 per cent).
Products that experienced a downturn in trade included steel and iron (80.7 per cent) as well as pepper (90 per cent).
According to the Vietnamese overseas trade office, local products such as rubber, electronics and garments have proved popular in India. The office added that India also had a high demand for Vietnamese agricultural products like pepper, tea, cashews and coffee.
In terms of imports, Viet Nam spent only $600 million, a year-on-year slump of 15.2 per cent, which downed the trade deficit by 39.3 per cent.
Imports mostly centred on products serving domestic production such as cotton, accessories, machinery and material for the garment industry.
To date, trade turnover between the two sides has grown, hitting $1 billion in 2006, which increased to $2.8 billion in 2010. The two countries target to boost the figure to $7 billion by 2015.
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