Vietnam sees bilateral trade with India growing further.

Kolkata, April 24 The bilateral trade between India and Vietnam, which has been growing at about 20 per cent on a year-on-year basis, is set to grow further with the signing of the ASEAN-India Free Trade Agreement and a memorandum of understanding between the two countries last year, according to Mr Vu Quang Diem, Ambassador of Vietnam to India.

The bilateral trade in 2009 amounted to $2.055 billion, of which India's export to Vietnam was worth $1.635 billion. “With the ASEAN-India FTA and MoU on India's recognition of Vietnam's market economy signed last year, more opportunities and favourable conditions have been provided to promote further economic relations, especially trade and investment between India and ASEAN countries, Vietnam in particular,” Mr Quang Diem said while speaking at an interactive session organised by the Bharat Chamber of Commerce here on Saturday.

While mobile phones, computer, electronic components, spare parts, coffee, ores and other minerals were among the major items of export from Vietnam, cattle feed ingredients, pharmaceuticals, steels, spare parts, tobacco ingredients formed the major export items from India into Vietnam, he pointed out.

Indian companies, Mr Quang Diem said, had invested about $201.4 million in 41 projects in Vietnam in 2009. There have been a number of successful business delegations to Vietnam from India, he said.

He added, “The business delegates from India who came to Vietnam have expressed interest in various areas such as mining, steel, carbon black, real estate, herbal medicine and infrastructure finance among others,” he pointed out.

Source : Business Line