Though trade between India and Viet Nam in basic chemicals, cosmetics, dyes, and paper products has grown significantly, there is still huge untapped potential, the Indian consul general in HCM City has said.

In his opening remarks at a business interaction event held on Thursday night, K Srikar Reddy said India’s exports of dyes and dye intermediates and basic inorganic and organic chemicals in 2018–19 exceeded US$19.10 billion.

Their exports to Viet Nam were worth $230 million, 21 per cent up from the previous year, he said.

Exports of paper and wood products from India to Viet Nam rose 23.4 per cent to $44.38 million, he said.

"But there is still a lot of potential for trade in these areas between our countries since demand for these products has increased in Viet Nam and the country has to import a significant amount."

Vuong Bac Dau, vice chairman of the Viet Nam Paint and Printing Ink Association, spoke about business segments in which Indian and Vietnamese businesses could enhance co-operation.

“Recently we have seen India emerge as an important supplier of pigments to the coating and ink industry. Moreover, we also expect Indian manufacturers to pay attention to other important materials such as binders and additives.

“We hope that Indian producers will be able to gradually replace traditional suppliers.”

Hoang Trung Son, vice chairman of the Viet Nam Paper and Pulp Association, said the Vietnamese paper industry achieved impressive growth in 2015-18, but still struggles to access modern technologies.

It now has the opportunity to expand co-operation with businesses in the region and elsewhere, he said.

“This business meeting is a very good opportunity for Vietnamese paper enterprises to meet Indian manufacturers and exporters for direct business interaction.”

Organised by the Indian consulate, the event attracted 22 Indian companies led by the Chemicals, Cosmetics & Dyes Export Promotion Council, who exhibited their products at the 2019 Coatings Expo Vietnam in HCM City from June 26 to 28. — VNS