Viet Nam's trade with India hits record in 2022
Viet Nam's trade with India hits record in 2022
Two-way trade between Viet Nam and India saw a yearly increase of 13.6 per cent to US$15.05 billion in 2022, statistics from the General Department of Customs showed.
During the year, Viet Nam's exports to India topped $7.96 billion, up 26.8 per cent year-on-year. Among its export items, mobile phones and accessories posted the highest turnover with $1.52 billion, up 18.4 per cent, making up nearly 20 per cent of the total export value. Computers, electronics and parts came next with $1.03 billion, up 25 per cent, or 13 per cent, while machinery and equipment ranked third with $804 million or over 10 per cent.
Other staples with the highest value increase were coffee with 165 per cent; iron and steel (97 per cent) and footwear (96 per cent).
Some items, however, posted large decreases in export value, such as animal feed and raw materials with $23.04 million, down 76.5 per cent, and coal with $7.68 million, down 46 per cent.
As per the data, Viet Nam imported $7.09 billion worth of goods from India last year, a yearly hike of 2 per cent. Its major import commodities from the market were iron and steel with nearly $775 million, down 44.6 per cent; machinery and equipment ($549.3 million, up 28 per cent) and ordinary metals ($515 million, up 26 per cent).
According to the Vietnamese Trade Counsellor in India, Bui Trung Thuong, Viet Nam and India could supplement each other in economic production. India is an important supplier of materials, while Viet Nam has a high demand for materials in service of production and export.
India is Viet Nam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials. The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters.
Besides trade, bilateral cooperation in tourism and investment also grew with the resumption and launch of direct air routes. Adani Group, for example, has committed to pouring $10 billion in Viet Nam.
However, Thuong said, the presence of Vietnamese businesses in the market remained modest. In contrast, India's administrative and legal system had been complicated by the toughest trade defence measures, which had caused great difficulties for Viet Nam in approaching the market.
As part of the efforts to support Vietnamese firms to penetrate the market more deeply, the Viet Nam Trade Office in India organised online trade promotion activities, especially during the COVID-19 pandemic, the official said.
His office had also connected many Vietnamese firms with their Indian peers and helped deal with trade conflicts while providing domestic businesses with trade defence cases initiated by the Indian side, he said.
