Vietnam seeks $20 billion trade goal with India: Vietnamese PM Chinh

Vietnam Tre with India: Vietnamese Prime Minister Pham Minh Chinh has set an ambitious target for bilateral tre with India, aiming for $20 billion as both nations seek to strengn ir economic ties. Speaking at Vietnam-India Business Forum, organised by FICCI and Embassy of Vietnam, Prime Minister Chinh highlighted Vietnam’s economic progress and urged Indian companies to invest in key sectors such as infrastructure, digital technology, and pharmaceuticals.

In his dress, Prime Minister Chinh highlighted deep-rooted friendship between two nations, which spans over 2,000 years, and vocated for a comprehensive strategic partnership to unlock new opportunities for collaboration. He emphasised Vietnam’s commitment to a policy of independence, self-reliance, and multilateralism, positioning country as a reliable global partner.

Chinh specifically called for increased Indian investment in high-tech sectors including semiconductors, digital transformation, green hydrogen, and biotechnology. He also noted Vietnam’s reliance on Indian pharmaceuticals, which account for 33 per cent of country’s pharmaceutical needs, and expressed interest in developing a robust pharmaceutical ecosystem in Vietnam.

Prime Minister furr encouraged Indian businesses to integrate Vietnamese companies into ir supply chains and consider Vietnam as a strategic investment destination. He welcomed recent pledges from Indian companies to invest in Vietnam and expressed hope for continued economic engagement.

Union Minister of State for Commerce & Industry, Jitin Prasa, echoed call for deeper economic cooperation, citing complementary growth strategies of India and Vietnam. Prasa highlighted that both countries are growing at nearly double global average and stressed importance of exploring bilateral tre opportunities. He also mentioned India's participation as guest of honour at 33rd Vietnam International Tre Fair, marking a significant milestone in strengning of tre relations.

ongoing review of India-ASEAN Tre and Goods Agreement of 2009, expected to be completed by 2025, alongside negotiations for Indo-Pacific Economic Framework, are anticipated to furr boost economic cooperation between two countries.

FICCI's Past President and Chairman & Managing Director of Somany Impresa Group, Sandip Somany, emphasised strong economic ties between India and Vietnam. He highlighted that bilateral tre has reached $14.8 billion and identified agriculture, pharmaceuticals, ICT, and renewable energy as key areas for future growth. Somany also noted potential for tourism, particularly Buddhist-centric and destination weddings, to enhance bilateral relations.

forum also marked launch of a direct flight service between Da Nang, Vietnam, and Ahmedab, Gujarat, furr facilitating business and cultural exchanges between two nations.