Trade ties between Viet Nam and India are developing fast, approaching the target of 7 billion USD in two-way trade by 2015, according to Vietnamese Trade Counsellor to India Nguyen Son Ha.

Ha noted that two-way trade value rose from over 1.5 billion USD in 2007 to more than 5.2 billion USD in 2013, of which Viet Nam - the fourth largest trade partner of India in the Association of Southeast Asian Nations - shipped 2.3 billion USD worth of goods to India .

Handling goods in India (Source: AFP)

As one of Viet Nam ’s top ten trade partners, India has also recognised the country as a full market economy. Both nations signed a slew of agreements, notably the ASEAN – India Trade in Goods Agreement, making it easier for their goods to enter their respective markets.

To max out bilateral economic, trade and investment potential, a Joint Sub-Committee on Trade between the Vietnamese Ministry of Industry and Trade and the Indian Ministry of Commerce and Industry meets every year to discuss issues of mutual concern.

The two countries have also regularly organised Viet Nam – India Business Forum as well as trade fairs and exhibitions, creating chances for their business owners to seek new partners and investment opportunities.

The two countries are considering a plan to grant long-term visas to their businesspeople. They have also encouraged investment in the private sector and offered all possible support to open representative offices and branches in each country.

A direct air route is also expected to open soon to facilitate trade, tourism and cultural exchanges.

Viet Nam and India established the strategic partnership in July 2007.

(Source: Vietnamplus)