Vietnam a beacon of progress for developing nations: Indian former minister
Former Indian Minister of Commerce and Industry Suresh Prabhu lauded Vietnam as an exception in opening up its economy and achieving rapid development.
Shrimp processing line for export in Binh Chanh district, Ho Chi Minh City (Photo: VNA)
New Dehli (VNA) - Former Indian Minister of Commerce and Industry Suresh Prabhu has hailed Vietnam as a shining example for developing countries, commending its remarkable integration into the global supply chain.
In a recent interview with the Vietnam News Agency (VNA), Prabhu said as an exception in opening up its economy and achieving rapid development, Vietnam has emerged as a prime example of what can ꩲbe done to bring benefits both to the countries it cooperates with and to Vietnam itself. He encouraged other developing nations to draw inspiration from Vietnam's achievements, especially duri🉐ng the current period of economic uncertainties.
Former Indian Minister of Commerce and Industry Suresh Prabhu (Photo: VNA)
He underscored Vietnam's pivotal role as a strategic partner for India, not only in economy but also in the general strategic relations. He also stressed India's commitment to deepening this partnership, particularly in trade, emphasising that closer collaboration would deliver mutual prosperity.
Highlighting ASEAN's signifiance for India, Prabhu said the bloc is an important trade partner of the South Asian nation. The former minister also noted the extensive and inclusive India-Vietnam partnership, which spans key sectors such as trade, social affairs, culture, and people-to-people exchange. He encouraged both nations to pursue a bilateral Free Trade Agreement (FTA) to fu🔯rther expand trade in goods and services, unlock fresh business 🐭opportunities, and create new jobs for their citizens./.
On March 7, the Indian government unexpectedly lifted its ban on 100% broken rice exports. This move delivers another blow to rice-exporting countries at a time when rice prices have already dropped significantly. However, according to Bui Trung Thuong, Vietnam’s Trade Counselor in India, this decision will benefit Vietnam.
With Vietnam's commitment to developing smart urban areas, digital transformation, and sustainable environment, Vietnam and India have opportunities to promote strategic partnerships and extensive cooperation.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
