An exclusive session on India and Vietnam: Current and Future Perspectives on Trade and Investment was organized at the Bharat Chamber of Commerce.

Gracing the occasion was His Excellency, Dr. Nguyen Thanh Hai, Ambassador of Vietnam to India, Naresh Pachisia, President, Bharat Chamber Of Commerce, His Excellency Mr. Le Quang Bien, Consul General of Vietnam in Mumbai, Mr. Tran Thanh Tung, Counsellor, Embassy of Vietnam and Mr. Phan Thanh Tung, Chief of Bureau, Voice of Vietnam and others.

As two of Asia’s fastest-growing economies, Vietnam and India have a strong foundation of mutual trust and a complementary trade basket. There is a lot of room to grow bilateral trade since both countries are concentrating on supply chain diversification, digital transformation, and green growth. There is a great deal of room for improved collaboration in industries like electronics, agro-processing, pharmaceuticals, textiles (especially silk), and renewable energy. This momentum can be further increased by utilizing regional trade frameworks such as the India–ASEAN Free Trade Agreement and bolstering maritime connectivity.

Regarding investments, both nations have improved their cooperation in developing fields such as infrastructure, technology, and renewable energy. Vietnam has invested US$12.69 million in the pharmaceutical, information technology, chemical, and building material sectors, while India has invested an estimated US$2 billion in Vietnam, covering industries such as mineral exploration, agro-processing, sugar, tea, coffee, consumer goods, agro-chemicals, IT, and auto components.

India pledged in August 2024 to provide a US$300 million line of credit to improve Vietnam’s maritime security, highlighting the two economies’ common goal of an Indo-Pacific that is safe and stable. India played a key role in the establishment of the “Army Software Park” in NhaTrang, which provided Vietnamese soldiers with cutting-edge computer capabilities.

The 2024–2028 Comprehensive Strategic Partnership, which includes cooperation in areas like customs facilitation, agricultural cooperation, legal frameworks, media exchange, and heritage conservation, is in line with these and numerous other initiatives.

In order to promote deeper institutional, business, cultural, and economic ties between Vietnam and Eastern India, a Vietnam Desk will be set up in Kolkata. Being a significant commercial center and a historic entry point to Southeast Asia, Kolkata is in a unique position to spur increased trade, investment, and tourism.

Priyanka Dutta