Vietnamese exports contributed $2.35 billion, up 13 times, and its imports produced $2.88 billion, a two-fold increase.— File Photo

HA NOI (Biz Hub) — Bilateral trade between Viet Nam and India has developed significantly in recent years, with both countries making great efforts to reach the US$7 billion trade target next year, experts said.

India was one of Viet Nam's top 10 trade partners, while Viet Nam was India's fourth largest commercial partner from the ASEAN bloc, the Vietnamese Trade Counsellor to India Nguyen Son Ha told Viet Nam News Agency.

Bilateral trade rose to $5.24 billion in 2013 from a modest $1.54 billion in 2007. Of the sum, Vietnamese exports contributed $2.35 billion, up 13 times, and its imports produced $2.88 billion, a two-fold increase.

Viet Nam and India have accelerated trade ties through a series of measures, with a focus on perfecting the legal framework for trade and investment co-operation; fostering exchanges for trade and investment promotions; and organising trade fairs, exhibitions and business forums in each country to help businesses find new partners and investment opportunities.

The two countries are considering a plan to grant long-term visas to their businesspeople. They have also encouraged investment in the private sector and offered all possible systems of support to open representative offices and branches in each country. — VNS