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Thursday, June 20, 2024

Vietnam, India strengthen economic ties

The Saigon Times

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HCMC – Deputy Minister of Industry and Trade Phan Thi Thang highlighted the substantial potential for stronger economic cooperation between Vietnam and India, underscored by their solid bilateral relations.

This statement was made during the Vietnam-India Business Forum held in New Delhi on August 7. The forum, organized by the Vietnamese Ministry of Industry and Trade (MOIT), the Embassy of Vietnam in India, and India’s PHD Chamber of Commerce and Industry, welcomed officials and representatives from around 130 businesses from both nations.

Deputy Minister Thang said that Vietnam and India are well-positioned for mutually beneficial cooperation, leveraging their robust economic growth, stable macroeconomic landscapes, improved travel accessibility through direct flights between major cities, and the complementary nature of their trade activities.

However, she acknowledged the persisting challenges stemming from global economic uncertainties, limited market information and business connectivity, as well as elevated transportation costs.

To invigorate economic cooperation, Deputy Minister Thang urged relevant agencies to enhance cooperation in supply chains, promote digital transformation in trade processes, and foster investment in core industries, infrastructure development, and information technology.

Ambassador Nguyen Thanh Hai also noted the growing interest of Vietnam’s Government and businesses in the Indian market. Over the past month, the Embassy of Vietnam in India has hosted nearly 10 ministerial delegations and provincial leaders on visits to India.

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