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Vietnam boosts bilateral trade with India

Vietnam and India hope to boost bilateral trade of strong commodities. The two countries hope to boost trade and step up trade promotion activities and business exchanges, especially in 2020 – the year Vietnam and India mark the 48th anniversary of their diplomatic ties. India’s share in Vietnam’s imports of manmade fiber textile is 3.34 per cent. Of Vietnam’s total textile imports, India has a 2.29 per cent share. There is significant untapped potential for trade in the area of textiles between the two countries. India is one of the major material suppliers of Vietnam’s garment and textile sector. India hopes to be a reliable partner for supplying yarn, fabrics, and machinery at competitive prices. Under the India-Asean FTA most types of yarns, woven and knit fabrics can be imported duty-free from India.

Vietnam has high quality and competitive products such as agro-fishery and fresh fruits, especially dragon fruit and basa fish, which it hopes to export to Indian businesses and consumers. Besides agro-fishery products, Vietnam also has a developed garment-textile industry. However, in the context that China is suspending the operation of many manufacturing factories, Vietnam is facing difficulties in material supply for the apparel sector and has asked for India’s assistance in this field.

 
 
 
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