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India, Vietnam set bilateral trade target of $15 billion by 2020

India and Vietnam have set a bilateral trade target of $15 billion by 2020. Ram Nath Kovind, President of India, called for cooperation between the two countries in agriculture, pharmaceuticals, textiles and IT. He said agricultural products from Vietnam already occupy over 45 per cent of India-Vietnam bilateral trade and there is immense potential for bilateral cooperation in agro-processing, agro-chemicals, farm machinery, bio-technology and high-tech farming.

He also sought cooperation from Vientam in the Indian pharmaceuticals industry for providing quality health-care, medicines and medical devices for the public health system at an affordable cost. Kovind highlighted significant opportunities between the two sides in the oil and gas, power, infrastructure and renewable energy sectors. Stating that the Indian IT services, including digital economy and fin-tech sector have much to offer to Vietnamese growth, he suggested encouraging start-up sectors and innovation based industry to leverage each other.