DNVN - According to Minister of Planning and Investment Nguyen Chi Dung, economic, trade and investment relations between Vietnam and India are entering a new phase. By 2030, the two countries' trade turnover is expected to double compared to the present, reaching approximately 30 billion USD.
Minister Nguyen Chi Dung said that Prime Minister Pham Minh Chinh’s State visit to India from July 30 to August 1 is very meaningful in the current context. The trip opens a new phase in economic , trade and investment cooperation. At the same time, it promotes and deepens the comprehensive strategic partnership between the two countries.
Currently, the trade turnover between the two countries has not been commensurate with their potential and advantages. Specifically, the two-way trade turnover has not reached 15 billion USD, and India's investment in Vietnam has not reached 1 billion USD.
In 2016, at the G20 Summit, the Indian Prime Minister declared that he considered Vietnam an important partner in the country's Eastward strategy. Therefore, there is still a lot of room and potential for cooperation between the two countries.
Regarding the capabilities of Indian businesses, Mr. Dung commented that India is very strong in science and technology, innovation, biotechnology, pharmaceuticals, energy, manufacturing, and agriculture. If the economies of the two countries complement each other, they will build a high value chain.
Cooperation activities not only serve the Indian and Vietnamese markets but also expand participation in the global market. This is also the direction that the two Prime Ministers suggested through this state visit.
During the visit, Prime Minister Pham Minh Chinh met with major Indian corporations in important fields such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, tourism, etc. Among them, a prominent event was the business forum between the two countries, with the participation of more than 300 Indian businesses interested in the Vietnamese market.
The Minister of Planning and Investment emphasized that in the coming time, Vietnam and India will actively implement the signed agreements, memorandums of understanding (MOUs) as well as the instructions of Prime Minister Pham Minh Chinh. Bilateral trade strives to double by 2030 compared to the present, reaching approximately 30 billion USD.
In particular, major pharmaceutical cooperation projects between the two countries can be implemented immediately, especially in cooperation in building a drug research and production center to supply the world. These are very potential projects.
Regarding the Lien Chieu port project in Da Nang, the construction of a logistics and oil and gas center, Prime Minister Pham Minh Chinh directed the immediate establishment of working groups to support Indian businesses. Thereby, helping Indian businesses to soon deploy investment activities in Vietnam.
Hoai Anh
Source: https://doanhnghiepvn.vn/kinh-te/viet-nam-an-do-huong-toi-kim-ngach-thuong-mai-30-ty-usd/20240802010549676
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