Vietnam is expected to be in the top 20 largest partners of the 6th largest economy in the world
Recently, the seminar “Overview of India’s foreign trade in the past 5 years, India’s main trading partners and import-export products and opportunities for Vietnam” was held to connect Indian businesses India and Vietnam.
At the seminar, Mr. Atul Kumar Saxena, Chairman of the Indian Chamber of Commerce and Industry of Importers (IICCI), said that the Indian economy is not open to high when import and export turnover of the new country accounts for 36% of GDP and has plenty of room for expansion.
It is known that India is one of the economies with the highest GDP growth rate in the world. Accordingly, this country has about 1.4 billion people with a large market capacity, thus creating many opportunities for businesses from other countries, including Vietnam. Currently, the Indian economy is gradually recovering and regaining growth momentum.
India is the sixth largest economy in the world, after the US, China, Japan, Germany and the UK. India’s nominal GDP will reach $2.7 trillion in 2021, a growth rate of 8.2%, recovering from a decline compared to 2020.
In fact, Indian businesses are doing business successfully in Vietnam, and Vietnam has a lot of potential for cooperation in many fields. Typically, Reliance Group, a large corporation in India, has successfully exported plastic and textile products to Vietnam. Currently, Reliance also has many wishes to expand investment cooperation in Vietnam in the field of information technology and telecommunications.
In the agricultural sector, the IICCI President emphasized that Vietnam can promote the export of dragon fruit and agricultural products in general to the southern region of India. In addition to fresh fruit products, the two countries also have the potential to expand their business with spices such as cinnamon, anise, pepper, cardamom, etc., when Indian businesses are looking for partners in Vietnam. South to produce these items.
In addition, Vietnam and India have the potential to expand cooperation in many other fields. Some typical fields are pharmaceuticals, textiles, and processed foods. In the field of pharmaceuticals, there are currently about 150 Indian enterprises cooperating with Vietnamese enterprises, but there is no joint venture between enterprises of the two countries.
If Vietnam and India can develop joint venture cooperation, high technology transfer in pharmaceutical production will be done faster. Since then, it is easier to export pharmaceutical products to countries in the region.
For textile and garment products, there are great opportunities for Indian businesses to invest in the fiber and man-made fibers in Vietnam. The Indian market is consuming a lot of processed foods. For example, for biscuit products, India imports this item from countries such as Indonesia, Malaysia. Vietnam has similar confectionery products, but has not yet appeared in the Indian market. Therefore, Vietnam can take advantage of this sector to increase trade with India.
From 2017 to now, Vietnam has always had a trade surplus with India. In 2021, Vietnam is ranked 23rd in the list of partner markets of India, with a total import-export turnover of 11.3 billion USD.
It is expected that by the end of 2022, the total bilateral trade turnover between the two countries will reach 13 billion USD, the trade balance is basically balanced, and Vietnam will be in the top 20 largest partners of India. Vietnam’s main imports from India are iron and steel, cotton, cereals, meat, seafood, aluminum and electronic products. While Vietnam’s main exports to India include electronics, inorganic chemicals, plastics, and copper.
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