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

Vietnam Trade with India: Vietnamese Prime Minister Pham Minh Chinh has set an ambitious target for bilateral trade with India, aiming for $20 billion as both nations seek to strengthen their economic ties. Speaking at the Vietnam-India Business Forum, organised by FICCI and the 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 address, Prime Minister Chinh highlighted the deep-rooted friendship between the two nations, which spans over 2,000 years, and advocated 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 the 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 the country’s pharmaceutical needs, and expressed interest in developing a robust pharmaceutical ecosystem in Vietnam.

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

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

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

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

The forum also marked the launch of a direct flight service between Da Nang, Vietnam, and Ahmedabad, Gujarat, further facilitating business and cultural exchanges between the two nations.