Vietnam, India aim to boost trade to 30 billion USD by 2030
The Ministry of Planning and Investment successfully organised a forum in India with the participation of over 300 Indian businesses across various sectors, in line with Vietnam's selective investment encouragement policy.
Hanoi, VNA - The Ministry of Planning and Investment successfully organised a forum in India with the participation of over 300 Indian businesses across variou🍬s sectors.
On August 2, Minister of Planning and Investment Nguyen Chi Dung shared insights with the press regarding the outcomes of Prime Minister Pham Minh Chinh's state visit to India from July 30 to August 1.
Minister Nguyen Chi Dung highlighted the significant timing of the visit, emphasizing its potential to open a new chapter of cooperation, particularly in economics, trade, and investment, and to further deepen the comprehensive strategic partnership between the two countries.
"Currently, trade turnover between Vietnam and India remains below 15 billion USD, which does not fully reflect the potential of both countries.
Moreover, Indian investment in Vietnam stands at less than 1 billion USD. At the G20 Summit in 2016, the Indian Prime Minister identified Vietnam as a key partner in India's 'Look East' Policy.
“However, both sides have yet to fully capitalize on each other's market potential, leaving ample room for further cooperation," the Minister remarked.
Regarding Indian businesses, Minister Dung noted that India has strengths in science and technology, innovation, biotechnology, pharmaceuticals, energy, manufacturing, and agriculture.
He suggested that the economies of the two countries complement each other to build high-value supply chains, serving both domestic and global markets—a direction endorsed by both Prime Ministers during the state visit.
Minister of Planning and Investment Nguyen Chi Dung. (Photo: Vietnam+)
During the visit, Prime Minister Pham Minh Chinh met with numerous major corporations across sectors such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, tourism, and more. A key event was the business forum between the two countries.
"In a short time, the Ministry of Planning and Investment successfully organised the forum, attracting over 300 Indian businesses interested in the Vietnamese market across various sectors, in line with Vietnam’s selective investment encouragement policy," said Minister Nguyen Chi Dung.
Looking ahead, Vietnam will actively implement the signed agreements and Memoranda of Understanding (MOUs) as well as the Prime Minister’s directives.
Firstly, the goal is to double bilateral trade by 2030, reaching approximately 30 billion USD.
Secondly, major pharmaceutical projects may be initiated immediately, including the establishment of a research and manufacturing centre to supply pharmaceuticals to the global market.
"I consider these projects to be very promising," the Minister added.
Thirdly, concerning the Lien Chieu Port project in Da Nang, which involves building logistics and oil and gas centers, the Prime Minister has instructed the immediate formation of task forces to work with Indian businesses on project exploration and documentation, ensuring compliance with Vietnamese legal requirements while expediting Indian investment into Vietnam.
"I am confident that, with the Prime Minister’s guidance and Vietnam’s proactive preparations, trade and investment between the two countries will significantly increase in the near future, meeting the goals set by both nations’ leaders during this visit," Minister Nguyen Chi Dung concluded./.
A Vietnamese culinary festival is underway at the India Expo Centre and Mart in Noida, Uttar Pradesh state, northern India as part of the India International Food and Hospitality Exhibition 2024.
For more than 50 years, the relationship between Vietnam and India has continuously strengthened and developed. Both countries have consistently supported and assisted each other with the shared goal of seeking happiness for their people. Their diplomatic relations are now at the level of a Comprehensive Strategic Partnership, with significant and clear progress in politics, economics, culture, energy, and people-to-people exchanges.
In the past over 50 years, Vietnam and India have maintained a strong and enduring friendship. Building on past achievements, the relationship will aim for even deeper and more comprehensive cooperation in the future.
Continuing his ongoing state visit to India, Prime Minister Pham Minh Chinh engaged with leaders of several leading Indian economic conglomerates in New Delhi on July 31, with the discussions focusing on deepening and concretising the Vietnam-India comprehensive strategic partnership.
Vietnam and India issued a Joint Statement on Strengthening of the Comprehensive Strategic Partnership between Vietnam and India on the occasion of Prime Minister Pham Minh Chinh’s State visit to India from July 30-August 1.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.
With rising protectionist policies for the steel industry, and the US imposing tariffs on steel exports, the sector has entered a challenging period. In response, many industry giants are returning to the domestic market.
As the most significant and high-profile event in the global logistics industry, FIATA World Congress 2025 is expected to gather over 1,200 delegates from more than 150 countries.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.