Coffee is one of the key export commodities from Viet Nam to India.—File Photo

HA NOI (Biz Hub)— Two-way trade between India and Viet Nam is forecast to hit US$5 billion this year.

According to Nguyen Son Ha, Vietnamese trade counsellor in India, buying and selling between the two countries has seen strong growth in recent years and a $7 billion target has been set for 2015

Statistics show that in the first six months of this year, bilateral trade hit $2.592 billion, representing an increase of 40.3 per cent over the same period last year – the fastest growth rate ever recorded.

Exports from Viet Nam to India in the year's first half soared by 53.7 per cent, reaching $1.16 billion while imports increased by 31.1 per cent to $1.1432 billion.

Currently, India has 73 investment projects in Viet Nam with total registered capital of $2.052 billion, ranking 12th among the countries and territories to have invested in the country.

Ha said that despite strong trade growth, the achievements were still below the two countries' potential.

Viet Nam should introduce policies to attract investment from India in oil drilling, power generation, mineral mining and processing, sugar production, agricultural chemicals and information technology, he said.

Support for enterprises should be encouraged with advantageous conditions such as an easier visa process and direct flights between the two countries.

Last year, the two-way trade reached $3.943 billion, about $1.782 billion of which came from exports to India - quadruple the figure of 2009. — VNS