Vietnam, India agree to raise bilateral trade volume to $15 bn

21 Apr '22

1 min read

Prime Minister Pham Minh Chinh (1st from L) and Speaker of the Indian Lok Sabha (the lower house) Om Birla Pic: baochinhphu.vn

Vietnam and India recently agreed to raise the two-way trade turnover from $13.2 billion in 2021 (a year-on-year increase of 37 per cent) to $15 billion. The agreement was reached at a meeting between Vietnamese Prime Minister Pham Minh Chinh and speaker of the Indian Lok Sabha (lower house) Om Birla, who is on an official visit to Vietnam.

Prime Minister Pham suggested India create the best possible conditions for Vietnamese exports, including electronics, garments and textiles, agricultural produce and fruits, to penetrate the Indian market.

He asked the two sides to continue to maintain cooperation mechanisms, including the inter-governmental committee mechanism; and further promote collabration in defence, security, culture, tourism, education and training, digital transformation, energy transformation, response to climate change, and oil and gas cooperation.

They also underscored the importance of full implementation of the Declaration on the Conduct of Parties in the East Sea (DOC) and conclusion of an effective and substantive Code of Conduct in the East Sea (COC) to ensure navigation and aviation freedom, security, and safety in the East Sea, according to Vietnamese media reports.

Fibre2Fashion News Desk (DS)

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