Vietnam, India aim to boost trade to 30 billion USD by 2030
The Ministry of Planning and Investment successfully organised a forum in India with the participation of over 300 Indian businesses across various sectors, in line with Vietnam's selective investment encouragement policy.
Hanoi, VNA - The Ministry of Planning and Investment successfully organised a forum in India with the participation of over 300 Indian businesses across variou🍬s sectors.
On August 2, Minister of Planning and Investment Nguyen Chi Dung shared insights with the press regarding the outcomes of Prime Minister Pham Minh Chinh's state visit to India from July 30 to August 1.
Minister Nguyen Chi Dung highlighted the significant timing of the visit, emphasizing its potential to open a new chapter of cooperation, particularly in economics, trade, and investment, and to further deepen the comprehensive strategic partnership between the two countries.
"Currently, trade turnover between Vietnam and India remains below 15 billion USD, which does not fully reflect the potential of both countries.
Moreover, Indian investment in Vietnam stands at less than 1 billion USD. At the G20 Summit in 2016, the Indian Prime Minister identified Vietnam as a key partner in India's 'Look East' Policy.
“However, both sides have yet to fully capitalize on each other's market potential, leaving ample room for further cooperation," the Minister remarked.
Regarding Indian businesses, Minister Dung noted that India has strengths in science and technology, innovation, biotechnology, pharmaceuticals, energy, manufacturing, and agriculture.
He suggested that the economies of the two countries complement each other to build high-value supply chains, serving both domestic and global markets—a direction endorsed by both Prime Ministers during the state visit.
Minister of Planning and Investment Nguyen Chi Dung. (Photo: Vietnam+)
During the visit, Prime Minister Pham Minh Chinh met with numerous major corporations across sectors such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, tourism, and more. A key event was the business forum between the two countries.
"In a short time, the Ministry of Planning and Investment successfully organised the forum, attracting over 300 Indian businesses interested in the Vietnamese market across various sectors, in line with Vietnam’s selective investment encouragement policy," said Minister Nguyen Chi Dung.
Looking ahead, Vietnam will actively implement the signed agreements and Memoranda of Understanding (MOUs) as well as the Prime Minister’s directives.
Firstly, the goal is to double bilateral trade by 2030, reaching approximately 30 billion USD.
Secondly, major pharmaceutical projects may be initiated immediately, including the establishment of a research and manufacturing centre to supply pharmaceuticals to the global market.
"I consider these projects to be very promising," the Minister added.
Thirdly, concerning the Lien Chieu Port project in Da Nang, which involves building logistics and oil and gas centers, the Prime Minister has instructed the immediate formation of task forces to work with Indian businesses on project exploration and documentation, ensuring compliance with Vietnamese legal requirements while expediting Indian investment into Vietnam.
"I am confident that, with the Prime Minister’s guidance and Vietnam’s proactive preparations, trade and investment between the two countries will significantly increase in the near future, meeting the goals set by both nations’ leaders during this visit," Minister Nguyen Chi Dung concluded./.
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For more than 50 years, the relationship between Vietnam and India has continuously strengthened and developed. Both countries have consistently supported and assisted each other with the shared goal of seeking happiness for their people. Their diplomatic relations are now at the level of a Comprehensive Strategic Partnership, with significant and clear progress in politics, economics, culture, energy, and people-to-people exchanges.
In the past over 50 years, Vietnam and India have maintained a strong and enduring friendship. Building on past achievements, the relationship will aim for even deeper and more comprehensive cooperation in the future.
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