Vietnam, India strengthen business ties to boost trade

An overview of the B2B session at the ietnam – India business meeting (Photo: VNA)

Speaking at the event, Ranjeet Mehta, Secretary-General and CEO of the PHD Chamber of Commerce and Industry (PHDCCI), highlighted the significant trade potential between Vietnamese and Indian businesses, particularly in agriculture, information technology, artificial intelligence, and robotics. He noted that the PHDCCI provides multi-sectoral platforms across India, helping to facilitate business exchanges between the two countries.

Le Hong Minh, Director of the Investment Promotion Centre for Industry and Trade under Vietnam’s Ministry of Industry and Trade, suggested several measures for boosting business collaboration. He emphasised the importance of maximising trade opportunities under existing deals such as the Vietnam – India economic and trade cooperation agreements and the ASEAN – India Trade in Services Agreement, as well as enhancing trade promotion efforts through digital transformation and information technology application.

It is necessary to step up trade promotion across various stages, from product development, investment promotion, brand building, to export market expansion, while increasing information sharing by keeping businesses updated on each country's trade and investment policies. Mechanisms for mutual visits and networking initiatives should also be established to foster deeper and more productive partnerships, he added.

Businesses discuss directly at the B2B session. (Photo:VNA)

Minh expressed confidence that Vietnamese and Indian businesses will continue to leverage their strengths and unlock new opportunities for economic cooperation, contributing to the sustainable development of the two countries' Comprehensive Strategic Partnership.

Vietnam's Trade Counsellor in India Bui Trung Thuong described the meeting as a practical step to implement the outcomes of Prime Minister Pham Minh Chinh’s visit to India, during which the two sides agreed to raise bilateral trade to 20 billion USD by 2030. The nearly 30 Vietnamese companies present at the event represented key industries with strong growth potential in India such as food processing, light industry, agricultural products, electronics, and textile - garment.

The meeting provided a valuable opportunity for direct engagement, allowing businesses to gain deeper insights into each other’s markets and laying the groundwork for sustainable trade expansion, he added.

Participants took part in a B2B session where they directly met one another to establish useful connections for future collaboration.

Vietnam – India trade relations have been growing steadily in recent years. Bilateral trade reached 15 billion USD in 2024, an increase of 4.5% from 2023. In particular, Vietnam’s exports to India amounted to 9.06 billion USD, up 7.6% year-on-year, and the country spent 5.83 billion USD on importing goods from India, down 0.6%, according to the Department of Vietnam Customs./.