New Delhi: Vietnam and India should double efforts to raise their two-way trade turnover to US$20 billion from US$14.36 billion in the time to come, said Prime Minister Pham Minh Chinh on Wednesday, July 31, at the Viet Nam-India Business Forum in New Delhi organised by FICCI.
Pham, who is on a State visit to India, encouraged Indian businesses to invest in areas as high-tech, AI, infrastructure, renewable energy, Hydrogen, biology, innovation as well as pharmaceuticals. He called on India to increase official development assistance for Viet Nam's projects in terms of infrastructure, digital infrastructure and climate change.
On this occasion, PM Pham witnessed the launch ceremony of an air route linking Da Nang (Viet Nam) and Ahmedabad (Gujarat, India) and the welcoming ceremony of the 200 millionth passenger of Vietjet Air.
The PM is on an official visit to New Delhi from July 30 to August 1. The official welcome ceremony will take place on the morning of August 1, which will be followed by summit meeting with PM Narendra Modi. The two PMs will then witness the signing of cooperation agreements between the two countries.
On the second day of the visit, the Vietnamese PM is scheduled to meet with President of India, Droupadi Murmu, Vice President and Chairman of the Rajya Sabha, Jagdeep Dhankhar, and Speaker of the Lok Sabha, Om Birla. Another significant event will be the PM's speech at the Indian Council of World Affairs.
This visit is taking place following India's successful 18th Lok Sabha elections and the re-election of PM Narendra Modi for a third consecutive term. It is to be noted that Pham is among the first foreign leaders who has been invited to visit India after the elections and the formation of the new government.
This is also the first visit since the two countries established the Comprehensive Strategic Partnership in 2016. The two-way trade turnover between Viet Nam and India increased to US$14.36 billion in 2023 from roughly US$200 million in 2000.
For India, Viet Nam is the 21st largest trading partner and the 22nd largest export destination globally. For Viet Nam, India is the eighth largest trading partner.
India has 410 active projects with total registered capital of US$1.03 billion, ranking 25th among 146 countries and territories investing in Viet Nam. On the other hand, Viet Nam invested over US$14 million with 16 FDI projects in India.
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