Bilateral Trade between India and Vietnam; India is Now Top Trading Partner of Vietnam

Investment of India in Vietnam is estimated at the round US $1.9 billion including investments routed through third countries

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The bilateral trade between India and Vietnam has seen steady growth over the years after meager of US $200 million in the year 2000. According to the data in 2018-19, bilateral trade has reached US $13.69 billion, registering an increase of 6.76 percent year on year. According to Indian data, bilateral trade for the period April- December 2019 reached US $9.89 billion. The total trade percent of trade with Vietnam is 1.62 percent of India’s total foreign trade. Vietnam is the 18thlargest trading partner of India. It is also the 3rd largest export destination for India after Singapore and Malaysia within ASEAN. And for Vietnam India is now the 7th largest trading partner, 7th largest source of import and 9thlargest export globally.

Bilateral trade between India and Vietnam has seen continuous growth over the past many years. India is now among the top ten trading partners of Vietnam. According to GOI data, total trade between the two countries during April – Nov of the fiscal year 2016- 2017 was US$ 6244.92 million. The two sides agreed to set the target of bilateral trade at USD 15 billion by 2020.



 Investment of India in Vietnam is estimated at the round US $1.9 billion including investments routed through third countries. Major sectors of Investments are energy, mineral exploration, agrochemicals, sugar, tea, coffee manufacturing, IT, and auto companies.

As of 2019, Vietnam has six investment projects in India with total estimates investments of US $ 28.55 million, primarily in the areas of pharmaceuticals, information technology, chemicals, and building materials.

The main items which were exported to India from Vietnam include mobile phones and components, machinery, computer technology, natural rubber, chemicals, and coffee. Similarly, key items exported to Vietnam from India were meat and fishery products, corn, steel, pharmaceuticals, cotton, and machinery.

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Bilateral Trade between India and Vietnam; India is Now Top Trading Partner of Vietnam
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Investment of India in Vietnam is estimated at the round US $1.9 billion including investments routed through third countries
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THE POLICY TIMES
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