At the India - Vietnam Business Conference (Photo: VNA)

Jointly held by the Vietnam Chamber of Commerce and Industry’s Ho Chi Minh City branch (VCCI Ho Chi Minh City) and India’s Rourkela Chamber of Commerce and Industry (RCCI), the event drew the participation of leading Indian firms who are operating in steel, coal, IT, electronics, industrial machines, building materials, transportation, tourism, among others.

The businesses were updated with information on business climate as well as policies to develop economic and trade ties of Vietnam and India.

According to VCCI Ho Chi Minh City Director Tran Ngoc Liem, India is one of Vietnam’s top ten trading partners while Vietnam is an important country in India’s Act East Policy, and is among four ASEAN member states having trade relations with India.

Two-way trade in 2023 was 14.36 billion USD, with Vietnam’s export rising 6.8% year-on-year to 8.5 billion USD and import falling 17.2% to 5.86 billion USD.

Statistics from the VCCI showed that most of Vietnam’s exports are computers, mobile phones and parts, steel, chemical, wood and wooden products, footwear, and coffee. In the meantime, India is an important supplier of raw materials and finished products for Vietnam regarding steel, chemicals, pharmaceuticals, garment and textiles and animal food.

India has registered some 1 billion USD in more than 400 projects in Vietnam, making it the 26th largest investors among 141 countries and territories with investments in the country.

Liem said as the two countries target 20 billion USD in two-way trade revenue in the coming time, they should bolster collaboration in the fields that they hold strengths and competitive edge such as mining, chemicals, healthcare-pharmaceuticals, supporting industry and IT.

For his part, RCCI President Sunil Kaya said that Vietnam and India boast huge potential to cooperate, given the signed the Double Taxation Avoidance Agreement, the agreement on encouragement and protection of investments, and the one on trade and economic cooperation.

On the basis of the positive development in the bilateral trade and investment ties, the conference was organised to help business communities of both sides to enhance business relations in the time ahead.

Experts at the event held that along with studying Indian market, Vietnamese enterprises should understand Indian culture so as to set up sustainable relations with their partners.

Additionally, they should adjust marketing strategies to suit the Indian market's taste and trends, the experts stressed./.