India-Vietnam bilateral trade may "significantly increase" from existing USD 15 billion

New Delhi [India], August 1 : Highlighting the remarkable bilateral trade between India and Vietnam, Ministry of External Affairs, Secretary (East), Jaideep Mazumdar said that the bilateral trade is around USD 15 billion, adding that both nations' leaders feel that this could be "significantly increased".
Vietnam is one of India's closest partners in the ASEAN region and a pillar of India's Act East Policy.
"It is a country with which we have a long and historic and civilizational relationship, which has blossomed into many different fields," the MEA Secretary said while addressing a special briefing on Vietnamese PM Pham Minh Chinh's visit to India.
He added that defence, security, economic, trade, investment and people-to-people contact, are very bright areas of our cooperation.
Emphasising that Vietnam today is a rapidly growing economy, he said that similar to India's Viksit Bharat 2047, they also have Vietnam 2045 vision to become a developed country, a high-income developed country by 2045.
" The Vietnamese prime minister referred to it several times that we have similar ambitions. Our bilateral trade is about USD 15 billion, although both sides do feel that this could be significantly increased. And the very large business delegation that accompanied the prime minister speaks to the interest that Vietnamese business has in India," he said.
The secretary further noted that both sides today, also signed a number of agreements, nine in all, to further broaden and deepen cooperation.
They cover everything from cooperation in medicinal plants to customs cooperation to radio and television programming, legal field, heritage conservation, and many more.
Prime Minister Narendra Modi and Vietnam PM Chinh jointly inaugurated the Army Software Park at the Tele-Communications University in Nha Trang, Vietnam.
An MoU detailing the plan of action to advance a comprehensive strategic partnership between India and Vietnam 2024-2028 was exchanged by Vietnam Foreign Minister Bui Thanh Son and External Affairs Minister S Jaishankar.
An MoU between Prasar Bharti and Voice of Vietnam for cooperation on radio and television was signed between Do Tien Sy, President of Voice of Vietnam and on the Indian side Gaurav Dwivedi, CEO Prasad Bharti.
"Both sides discussed common security challenges and agreed to further enhance our defense ties, which is a very important pillar of our partnership," he said.
Mazumdar further said that two lines of credit agreements were signed between Vietnam's Ministry of Finance and the Import Bank of India, amounting to USD 300 million.
Vietnam also announced that it will join the coalition for disaster. "Resilient infrastructure and the early completion of procedures for joining the International Solar Alliance was also indicated," Mazumdar added.
Prime Minister Narendra Modi and his Vietnamese counterpart Pham Minh Chinh held a meeting at Hyderabad House in Delhi on Thursday.
PM Narendra Modi reiterated that Vietnam is a critical pillar in India's Act East policy and the Indo-Pacific.
Speaking about his talks with his Vietnamese counterpart, PM Modi said that they held discussions on all areas of cooperation and took several measures to prepare a roadmap for the future. He said that the development in the two nations has gained momentum due to India's Viksit Bharat 2047 vision and Vietnam's 2045 vision.
He said that the two nations have agreed that the ASEAN-India Trade in Goods Agreement should be reviewed and concluded at an early date to realise mutual trade potential.
Meanwhile, Vietnam Prime Minister Pham Minh Chinh while speaking at Hyderabad House, praised India's outlook in today's world and its strategy during COVID-19. He said that he shared their strategic vision as it is changing dramatically.
Pham Minh Chinh said that security challenges in the Asia Indo-Pacific region are fierce and to tackle this, the world needs international solidarity.
He said that the issues of Vietnam might change in the future, but the bond of friendship and cooperation shall never change.
Pham Minh Chinh, who is on a three-day State visit to India, was accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan. PM Modi received his Vietnam counterpart at the Rashtrapati Bhavan.
The two leaders shared a warm hug as they greeted each other. He then inspected a Guard of Honour by the combined defence services.
Pham Minh Chinh also paid tribute to Mahatma Gandhi at Rajghat. He paid his tribute by laying floral wreaths at the memorial site where Mahatma Gandhi was laid to rest.
On Wednesday, External Affairs Minister S Jaishankar called on Vietnam Prime Minister Pham Minh Chinh. During the meeting, the Vietnamese PM expressed gratitude and thanked India for the warm reception.
Further, Pham Minh Chinh also congratulated Prime Minister Narendra Modi for his win for the third consecutive term and termed it a 'historic victory.'