Vietnam and India have achieved a bilateral trade turnover of USD 15 billion, marking a significant milestone in their economic partnership. Ambassador Nguyen Thanh Hai of Vietnam, during his visit to Kolkata, emphasised the robust growth in trade and investment cooperation, attributing this success to the strong political ties, traditional friendship, and a comprehensive strategic partnership between the two countries.

He noted that these foundations have enabled both nations to expand their economic collaboration steadily over recent years.

Vietnam’s exports to India reached USD 9.06 billion in 2024, a 7.6% increase year-on-year, while imports from India were USD 5.8 billion, slightly down by 0.6%. This resulted in a trade surplus of USD 3.2 billion for Vietnam, reflecting a 22.2% increase from the previous year. Key Vietnamese exports to India include mobile phones and components, computers, electronic products, machinery, tea, timber, seafood, and textiles.

Meanwhile, Indian exports to Vietnam consist of iron and steel, machinery, gems and jewellery, seafood, pharmaceuticals, chemicals, and agricultural commodities.

Ambassador Hai highlighted the huge potential for further cooperation, mentioning ongoing discussions with Indian government agencies and business chambers, such as the Bharat Chamber of Commerce in West Bengal, to promote deeper trade, investment, and economic collaboration. He also pointed out the complementary nature of the two economies, which supports sustainable growth in bilateral trade.

Looking ahead, both countries are committed to expanding their partnership, with a target to raise bilateral trade to USD 20 billion by 2030. Vietnam has proposed a comprehensive economic partnership agreement with India, aiming to broaden collaboration beyond goods trade to include finance, intellectual property, services, investment, and mobility. Additionally, both nations are working to facilitate market access for more agricultural products and to operationalise alternative cross-border payment systems to further ease trade transactions.

On the global stage, Vietnam’s diplomatic profile has also risen, as it was officially announced as a BRICS partner country in June 2025, joining nine others in this new category established at the XVI BRICS Summit in Kazan in October 2024. This move reflects Vietnam’s expanding international engagement and growing recognition as a key economic and strategic partner in Asia.

The Vietnam-India relationship is further strengthened by increased aviation connectivity, with 67 direct flights now linking the two countries, boosting tourism and people-to-people exchanges. In 2024, Indian tourist arrivals to Vietnam exceeded 500,000, and the Vietnamese community in India continues to grow, further deepening bilateral ties.

The Vietnam-India trade relationship is flourishing, driven by strong political foundations, complementary economies, and a shared vision for deeper cooperation across multiple sectors. Both countries remain optimistic and committed to elevating their partnership to new heights in the coming years.

Based On ANI Report