India, Vietnam should raise trade targets: Vietnam's Deputy Chief of Mission
Sep 13, 2022
New Delhi [India], September 13 : Vietnam's Deputy Chief of Mission in India Do Thanh Hai on Monday said that stronger connectivity has bolstered trade between the two countries, while pointing out towards having higher trade targets with growth in sectors like electronics, automobiles, computers, pharmaceuticals and agricultural products.
"Trade between India and Vietnam is growing stronger. We should have higher target. We're optimistic about growth in sectors like electronics, automobiles, computers, pharmaceuticals and agricultural products," Do Thanh Hai said during a roundtable session on Bilateral Trade Opportunities between India and Neighbouring countries.
"Trade has been further enhanced by stronger connectivity between the two countries. We also have direct maritime links," Thanh Hai added.
The Roundtable session on Bilateral Trade Opportunities between India and Neighbouring countries was held on Monday in New Delhi, with a special focus on the North East Region. The event was hosted by the Confederation of Indian Industry, North East Council.
Ambassador of Myanmar to India, Moe Kyaw Aung, said that India and Myanmar share good relations and a lot has to be done in the field of trade and investment.
Speaking at a roundtable session on Bilateral Trade Opportunities between India and Neighbouring countries, Moe Kyaw Aung said, "India and Myanmar enjoy good relations. We've strong cultural ties and share a long land border. A lot has to be done pertaining to trade and investment."
"We are happy to be a part of ASEAN as it's a bridge between India and Southeast Asia," the Myanmar envoy added.
India and Vietnam have a broad convergence of interest as emerging economies and important countries with respect to creating alternative supply chains in Asia after global disillusionment with the China-centric supply chain during the Covid pandemic.
Besides, the two countries are equally concerned about the aggressive and expansionist policies of China in the Indo-Pacific region. The two countries also share a Comprehensive Strategic Partnership since 2016 and defence cooperation is a key pillar of this partnership.
Bilateral defence engagements have expanded over a period of time to include wide-ranging contacts between the two countries, including Defense Policy Dialogue, military-to-military exchange, high-level visits, capacity building and training programmes.
The two countries have also cooperated in UN peacekeeping, ship visits and bilateral exercises.
The Indian Defence Minister, during his visit, had a wide-ranging discussion with his Vietnamese counterpart, General Phan Van Giang, at Hanoi to jointly pursue effective and practical initiatives to further expand bilateral engagements.
The relations between the two countries were elevated to the level of "Strategic Partnership" in 2007 when Vietnam's then Prime Minister Nguyan Jan Dung visited India.
The relations were further upgraded to "Comprehensive Strategic Partnership" in 2016, as Vietnam serves as an important partner in India's "Act East" Policy and Indo-Pacific Vision.
The two countries signed a cultural agreement in 1976 and since then, it has led to the creation of many channels of cultural cooperation. A recent development in this regard is the establishment of the Swami Vivekananda Indian Cultural Centre in Hanoi in 2016.
Earlier, the Institute of Indian and South-West Asian Studies under the aegis of the Vietnam Academy of Social Sciences was inaugurated in Hanoi in 2012.
Around 1,69,000 Indians visited Vietnam and 31,000 Vietnamese visited India before the outbreak of the Covid-19 pandemic. Vietnam is the 15th largest trade partner of India and India is its 10th largest partner with bilateral trade standing at USD 11.12 billion in 2020-21. There is an upswing in India-Vietnam relations and it is rising up to new heights.
