Viet Nam-India trade rises above $5b target

Key export staples that showed a high growth rate included pepper with 119 per cent, metals with 114 per cent and chemicals with 71 per cent, as well as transport vehicles with 59 per cent and coffee with 36 per cent.— Photo Vneconomy

HA NOI (Biz Hub) — The Viet Nam-India bilateral trade turnover in the first 11 months of the year reached US$5.15 billion, posting an 8.37 per cent year-on-year increase.

The figure exceeded the $5-billion trade turnover mark a year ahead of the target set in 2007.

Statistics released by the department of general customs showed that the two countries' total exports were worth $2.27 billion, an increase of 3.7 per cent over the same period last year. The import turnover posted a 12 per cent increase from the corresponding period last year to reach $2.88 billion.

The imported items that saw strong growth were seafood with a value of $320.8 million, cotton ($237.2 million), machines and equipment ($95.5 million) and materials for garments and textiles ($28.5 million).

During Vietnamese Prime Minister Nguyen Tan Dung's official visit to India in October, the two countries agreed to take measures to promote bilateral trade to reach a turnover target of $7 billion in 2018, and $15 billion by 2020.

Dung said that the Vietnamese government will help Indian investors in Viet Nam, especially in petroleum exploration and exploitation, electricity production and in launching direct flights.

The two-way turnover has increased by an average 16 per cent each year since 2009, making the two countries became important trade partners.

The key commodities that are expected to significantly contribute to boosting the two-way trade are textiles and garments, pharmaceuticals and agricultural products.

Indian investors have been developing 78 direct investment projects worth $254.5 million in Viet Nam. — VNS