VN’s trade with India sees strong growth
VN’s trade with India sees strong growth
Two way trade between Viet Nam and India experienced a significant yearly increase of 50 per cent to US$6.36 billion over the past seven months of this year, statistics from the General Department of Customs revealed.
The positive bilateral trade was mainly due to Vietnamese exports at $3.92 billion, a year-on-year increase of 96 per cent, according to the data.
Among major staples, machinery, equipment and parts recorded the strongest turnover with $1.23 billion, up 590 per cent year-on-year and contributing 32 per cent of Viet Nam’s total exports to India.
Handsets and components came next at $470 million, up 72 per cent, followed by computers, electronics and parts at $380 million, up 26 per cent, and metal and metal-made products at $353 million, up 40 per cent.
Others recording impressive export growth were bamboo-made goods at 1,470 per cent; iron and steel products at 270 per cent; means of transport and components at 170 per cent and products from plastic and rubber at 150 per cent and 100 per cent, respectively.
From January to June, Viet Nam imported $2.44 billion worth of goods from India, surging 9.2 per cent over the same period last year, with cotton taking the lead at $320 million, up 44 per cent.
Viet Nam resumed its import of maize from India, worth $23 million, a hike of 1,800 per cent while spending $145 million on importing animal feed and raw materials from the market, an increase of 29 per cent.
In the period, the Southeast Asian nation also upped its imports of several other goods from India such as metal (up 180 per cent); automobile components (130 per cent); plastic materials (up 110 per cent) and ore and other minerals (75 per cent).
Most notably, Viet Nam posted a trade surplus of $1.48 billion with India in the seven-month period.
The two countries will explore substantive and practical measures to achieve the bilateral trade target of $15 billion by 2020, according to a joint statement issued during the official trip by Vietnamese President Tran Dai Quang to India in May.
“In order to realise potential to both increase the volume of trade and diversify its composition, the two countries’ leaders requested the relevant ministries and agencies on both sides to explore substantive and practical measures to achieve the target including but not limited to utilising established mechanisms, strengthening exchanges of trade delegations, business-to-business contacts, regular organisation of trade fairs and events,” the joint statement said.
As per the statement, both sides urged leaders of businesses and industries to explore new trade and investment opportunities in identified priority areas of co-operation.
