This is the judgment of experts at the Vietnam - India Online Trade Promotion Conference by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the India Mechanical Export Promotion Council (EEPC). held the afternoon of September 22.
Mr. Mahesh Desai, Chairman of the Export Promotion Council of the Indian mechanical industry, said that Vietnam is one of the key markets in India's east policy thanks to its high economic growth and dynamic development. diversified fields and is an attractive destination for foreign investors. For India, Vietnam is a strategic partner in trade and still has a lot of potential to exploit; in which the technical field for production is an important part of the bilateral trade.
Both Vietnam and India are focusing on the technical and production foundation that aims to participate more and more deeply in the global value chain. Especially in the context of many broken supply and link chains due to COVID-19 translation, both India and Vietnam have a need to find many new partners, new markets, so India will promote trade promotion to link with partners like Vietnam to exploit the potentials of the two countries - Mr. Mahesh Desai emphasized.
Vietnam - India has many favorable conditions to promote cooperation because it is a member of many Asia-Pacific economic forums with a long-term vision. The governments of Vietnam and India have agreed to cooperate in many areas of e-commerce, energy, and production of products in the supply chain.
Mr. Pranay Verma, Indian Ambassador to Vietnam affirmed that Vietnam is an important partner in economic investment and trade of India. The two countries need to promote more trade in the coming time, after COVID-19 needs to seek and diversify partners and new markets.
According to Mr. Pranay Verma, the Vietnam - India bilateral trade cooperation over the past time is still modest compared to the potential of the two countries. The fields of mechanization, machinery manufacturing, and agriculture still have great potential for cooperation, especially the post-COVID -19 cooperation period.
Mr. Vo Tan Thanh - VCCI Vice President information, Vietnam - India has good traditional relations in all aspects. In economics, the two-way trade turnover between Vietnam and India in 2019 reached over 11.2 billion USD; in which Vietnam's exports to India reached over $ 6.6 billion and in the opposite direction, India's exports to Vietnam reached nearly $ 4.6 billion.
Particularly in the first 7 months of 2020, although heavily influenced by the COVID-19 epidemic, two-way trade turnover between Vietnam and India still reached over 5 billion USD; in which Vietnam's exports to India reached nearly $ 2.6 billion and in the opposite direction, India's exports to Vietnam reached over $ 2.4 billion.
The main products exported from Vietnam to India include computers, phones and components ... In contrast, the main products exported from India to Vietnam include steel, machinery, and equipment. equipment, spare parts, pharmaceuticals. Although the COVID-19 epidemic is complicated, the two countries still set a target to soon bring the two-way trade turnover between Vietnam and India to 15 billion USD in the near future - Mr. Vo Tan Thanh said. .
Regarding investment relations, as of April 2020, India ranked 26th out of 136 countries and territories investing in Vietnam with 272 projects, with a total registered capital of over 887 million USD, focusing mainly on oil and gas exploitation, mineral processing, information technology, agricultural products.
With the COVID-19 under control, Vietnam is now a safe and reliable destination for foreign investors, as the investment shift from China begins. Indian investors should expand their investment to Vietnam in the fields where India has strengths such as textile materials, footwear, animal feed materials ... to enjoy the preferential treatment under the Agreement. EVFTA.
Mr. Srikar K. Reddy, Secretary of the Ministry of Commerce of India shared that India has made significant progress in the field of technology in recent years, but the technical trade between Vietnam and India has not yet been achieved. efficient exploitation.
Vietnam is one of the fastest growing countries in the world, towards export activities, with a golden population structure. After COVID-19, Vietnam is a prominent destination in production supply chain transformation. At the same time, Vietnam is also a bridge to many other economic regions in the world, post-COVID-19 is a "golden" period for Vietnam - India to strengthen the connection of the supply chain of raw materials and production in the fields such as electronics, textiles, footwear; at the same time establishing cooperation in the fields of mechanics and engineering.
From a business perspective, Ms. Vu Thi Ly - Sales Manager of Thanh Viet Company commented that since the COVID-19 translation occurred, many sources of raw materials and traditional equipment of the business were seriously affected. Meanwhile, India is one of the major production centers in the world with a diverse supply of raw materials and products at quite competitive prices. This will be an area with great potential for cooperation in the supply of alternative raw materials as well as connecting new production - distribution chains with Vietnam in the coming time./.