Room to grow for VN-India trade

VN-India trade, Trade Counselor at the Vietnamese Embassy in India, export of farm produce, Indian market, VN-India trade, Trade Counselor at the Vietnamese Embassy in India, export of farm produce, Indian market, News,
A wholesale dragon fruit market. — Photo thuongtruong.com.vn

There is plenty of room for Viet Nam and India to strengthen investment and trade ties in the future, said Bui Trung Thuong, Trade Counselor at the Vietnamese Embassy in India.

Even though Viet Nam and India have similar natural conditions, their products can be complementary, according to Thang. Viet Nam can export farm produce, fresh fruits, processed foods and furniture to India while India businesses should tap into the Vietnamese market in other fields such as animal feed, pharmaceutical and chemicals.

Chairman of Indian Importers of Chamber of Commerce and Industry (IICCI) Atul Kumar Saxena said in recent years, IICCI and the Vietnamese Embassy in India had facilitated imports of agricultural products and processed food from Viet Nam.

Viet Nam’s instant coffee, tra fish and dragon fruit has entered the Indian market since 2014 and are favoured by many customers, he said.

According to the chairman Viet Nam’s dragon fruit is present at many shopping centres, restaurants and hotels and is also a favourite dessert at luxury weddings in India. Meanwhile, instant coffee is popularly sold on online websites.

Two-way trade during the 11 months of the year recorded a decline of 14.45 per cent to US$8.82 billion against the same period from last year, according to statistics released by the General Department of Viet Nam Customs.

Of the total, Viet Nam exported $4.76 billion worth of goods to India while spending $4.06 billion on imports from the market, resulting in a trade surplus of $700 million in the period.

During 11 months, only handsets and components witnessed a yearly positive growth of 6 per cent, with export revenue hitting $1.31 billion.

Computers, electronic products and components suffered a fall of 24.6 per cent to $804 million in exports, while shipments of machinery, equipment, tools and spare parts plummeted by 48 per cent to $374 million.

In a bright spot, tea exports posted a sharp increase of 300 per cent to $4.96 million against the same period from last year, while the export of cashew nuts, confectioneries, and raw materials saw respective rises of 21 per cent, 32 per cent, and 23 per cent.

From January to November, Viet Nam imported iron and steel worth $1.06 billion, making up 25 per cent of the total import turnover of goods from the South Asian nation. The export turnover for November alone reached a sum of $86.56 million, representing an increase of 39.3 per cent from the previous month.

The country also spent $298.60 million on importing machinery, equipment, tools and spare parts throughout the reviewed period, a decline of 22 per cent year-on-year, while pharmaceutical and seafood imports saw an increase of 5.3 per cent and 21 per cent in comparison to the same period from the previous year.

Bilateral trade turnover between the two countries is anticipated to reach $10 billion by the end of the year, trade experts have predicted. — VNS

News Related

OTHER NEWS

HCMC, Lam Dong cooperate to prepare supply of vegetables, flowers for Tet market

HCMC, Lam Dong cooperate to prepare supply of vegetables, flowers for Tet market Read more »

One-of-a-kind Vietnam’s longest brocade road in Ha Giang

The 1,700 m long road is hand-painted by hundreds of locals in Ha Giang’s Bac Me district and decorated with the brocade pattern which is inherently a typical feature of the upland... Read more »

From art in the forest project to first contemporary art museum in Vietnam

The Flamingo Contemporary Art Museum, the first of its kind in Vietnam, recently debuted in the Flamingo Dai Lai Resort complex in the northern province of Vinh Phuc. An outdoor artwork displayed at... Read more »

Steel used in HCMC metro beam support falls short of contracted quality: source

The steel used in beam support pads in HCMC’s first metro line does not meet contracted standards and poses a safety threat, an urban railway source told VnExpress. Read more »

Press Center for National Party Congress opens in Hanoi

The Center will support and facilitate the journalists' activities, helping them to accurately and effectively report on the Congress, which will take place from January 25 to February 2. Read more »

Essex Lorry Deaths: Smugglers gang who caused 36 Vietnamese deaths sentenced and jailed

The two ringleaders of the people-smuggling gang who transported 36 Vietnamese immigrants in a sealed refrigeration container, and caused them to die in an excruciating death, were sentenced and jailed for 20 and... Read more »

Presenting Tet gifts to Vietnamese expats with difficult circumstances in Cambodia

The representatives from the Vietnamese Embassy in Cambodia, Khmer-Vietnam Association, and Sacombank on January 21 visited and presented Tet gifts to overseas Vietnamese households with difficult circumstances in Phnom Penh. Read more »

Four coffee shops with Tet holiday-themed decorations in Hanoi

As Lunar New Year (or Tet) is approaching, plenty of coffee shops in Hanoi wear splendid garb with decorative items of red parallel sentences and peach blossoms. Read more »

Australian PM believes in success of Vietnam’s 13th Party Congress

The Australian Prime Minister said he believes that the upcoming 13th National Congress of the Communist Party of Vietnam (CPV) will be a success while talking on the phone with PM Nguyen Xuan... Read more »

Imported automobiles into Vietnam decrease sharply

Imported automobiles into Vietnam decrease sharply Read more »