By 2024, Vietnam - India trade will reach 15 billion USD

According to data from the General Department of Vietnam Customs, bilateral trade turnover between Vietnam and India in 2024 will reach approximately 15 billion USD, an increase of 4.5% compared to 2023.

In there, export Vietnam's trade with India reached 9.06 billion USD, up 7.6% over the same period last year, while imports from India to Vietnam reached 5.83 billion USD, down 0.6%. This shows that Vietnam continues to maintain a trade surplus advantage in trade relations with India, thanks to the growth of key export sectors.

In the export structure, the group of phones of all kinds and components took the lead with a turnover of 1.68 billion USD, a slight increase of 4.5%, accounting for 17.5% of the total export turnover. Computers, electronic products and components ranked second with a turnover of 1.5 billion USD, accounting for 15.6% of the proportion.

Next is the group of machinery, equipment, tools and other spare parts with a turnover of 947 million USD, accounting for 9.8% of the proportion. This shows that the Indian market has a stable demand for Vietnamese industrial products.

Bilateral trade turnover between Vietnam and India in 2024 will reach approximately 15 billion USD, an increase of 4.5% compared to 2023. Illustrative photo

Notably, some other export industries of Vietnam in 2024 also had significant growth, typically: Tea increased by 18.7%, wood and wood products increased by 18%, seafood increased by 12%, rattan, bamboo, sedge products, carpets increased by 11%, rubber products, confectionery, cereals all increased by 11%, plastic products increased by 10.4%, textile fibers of all kinds increased by 10%, textiles increased by 9.5%, chemical products and chemicals increased by 9.5%. It can be seen that Vietnam continues to expand its market share in the consumer products industry in India.

Particularly, agricultural products, wood and wood products reached 212.57 million USD, a sharp increase of 18%. Pepper (up 9.3%), tea (up 18.7%) and seafood (up 12.1%) all had positive growth, showing high demand from the Indian market. Coffee remained stable at 38.83 million USD, showing that businesses need a better approach strategy to expand market share. Vietnam's exports to India are developing in the direction of diversifying product lines, in which high-tech products and agricultural products continue to be key areas.

In contrast, Vietnam's import turnover from India during this period only reached 5.83 billion USD, down 0.6% compared to the same period in 2023. Import turnover from India only accounted for 1.55% of Vietnam's total import turnover. Notably, Vietnam recorded a trade surplus of 3.2 billion USD with India in 2024, up 22.2% compared to 2023.

Trade relations between Vietnam and India continues to grow strongly, playing a key role in bilateral cooperation with steady growth over the past 25 years. From a turnover of only about 200 million USD in 2000, bilateral trade reached 15 billion USD in 2022, making India one of the 8 most important trade partners of Vietnam.

At the same time, Vietnam also holds a solid position in the group of 4 ASEAN countries with the closest trade relations with India. In particular, in the South Asia region, India is Vietnam's largest trading partner, accounting for nearly 80% of Vietnam's total export turnover to this region.

The commodity structure between the two countries is highly complementary, creating momentum to promote sustainable economic cooperation. India supplies many essential raw materials and finished products to Vietnam such as iron and steel, chemicals, pharmaceuticals, textiles, animal feed and seafood, helping the domestic industry develop. In return, Vietnam needs to continue to take advantage of the potential of the Indian market in the fields of electronics, textiles, processed foods and light industry, agricultural products such as spices, pepper, coffee, etc.

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