Vietnam PM targets $20 billion in bilateral trade with India

In his recent visit to India, Vietnamese Prime Minister, Pham Minh Chinh said Indian businessmen have expressed interest in understanding and exploring investment opportunities in Vietnam. Both the countries should expand cooperation into new areas such as digital economy, transportation and renewable energy. He added, economic and trade cooperation can take bilateral trade to $20 billion. He proposed for a stronger OEA cooperation focusing on strategic infrastructure, including transportation, energy, digital, and climate infrastructure. Vietnam is the 23rd largest global trade partner of India and the fifth largest among ASEAN countries, with bilateral trade of $14.70 billion during 2022-23. Vietnam accounts for 11.2% of India’s total trade with ASEAN. Vietnam is an important destination for India’s iron and steel and agricultural and animal products, mainly meat products, animal fodder, cereals, and marine products, as per the Ministry of Commerce and Industry.