Interactive Meeting on “New Opportunities for Indian Enterprises created by Trans Pacific Partnership in Vietnam” with Mr. Vu Son Thuy Consul General of the Socialist Republic of Vietnam in Mumbai
India-Vietnam relations have been exceptionally friendly and cordial. The traditionally close and cordial relations have their historical roots in the common struggle for liberation from foreign rule and the national struggle for independence.
Vietnam is a Southeast Asian country on the South China Sea known for its beaches, rivers, Buddhist pagodas and bustling cities. Hanoi, the capital,
Currency: Vietnamese dong
Hanoi, the capital of Vietnam, is known for its centuries-old architecture and a rich culture with Southeast Asian, Chinese and French influences.
India’s relations with Vietnam are marked by growing economic and commercial engagement. India is among the top ten trading partners of Vietnam.
According to Vietnam’s official data, total trade volume touched US$ 5.23 billion in 2013, an increase of 32.8 % over the last year. In 2014 the total trade turnover was USD 5.60 billion (India’s export $3.1 bln, import $2.5 bln). According to the data from General Statistics Office of Vietnam, during January-October, 2015, bilateral trade was US$ 4.28 billion which included $ 2.2.5 billion export from India and $2.07 billion export from Vietnam. However if commodities of temporary import are included, total value of trade was more than US$ 9.2 billion in 2014-15 as per the data from Indian side. During the visit of Party General Secretary H.E. Nguyen PhuTrong to India in November 2013, both sides revised the trade target from US$ 7 billion by 2015 and to US$ 15 billion by 2020.
Indian companies are investing in oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing. ONGC Videsh Ltd. (OVL), NIVL Ltd, KCP Industries Limited, Ngon Coffee Manufacturing, Tech Mahindra, CCL are some of the major Indian investors. Major sectors of investment are energy, mineral exploration, agro-processing, sugar manufacturing, agro-chemicals, IT and auto components.
Major export commodities from India are machinery and equipment, seafood, pharmaceuticals, cottons of all kinds, automobiles, textiles and leather accessories, cattle feed ingredient, chemicals, plastic resins, products of chemicals, fibres of all kinds, steel of all kinds, fabrics of all kinds, ordinary metals and Jewellery & precious stones.