Indian firms seek to expand reach in Vietnam
Indian firms seek to expand reach in Vietnam
A delegation of Indian firms active in the mechanical, construction, energy, waste management, infrastructure, and railway industries have traveled to Ho Chi Minh City to sound out investment and business opportunities as well as expand their reach in the Southeast Asian nation.
A delegation of Indian firms explores mechanical products in Vietnam. Photo: H.K. / Tuoi Tre |
Rohit Sharma, Head of ASEAN and Oceania at the Confederation of Indian Industry, stated at a business matchmaking conference on Thursday that before their trip to Vietnam, Indian businesses had researched and identified emerging opportunities for cooperation with Vietnamese partners in the mechanical, construction, and energy sectors.
“These industries are the strengths of Indian enterprises. Specifically, some Indian products are widely sold in several nations,” Sharma underlined.
India is one of Vietnam’s 10 largest trade partners, said Dao Minh Chanh, deputy head of the Ho Chi Minh City Investment and Trade Promotion Center.
Statistics from the General Department of Vietnam Customs indicated that bilateral trade between the two nations reached US$14.36 billion in 2023, skyrocketing over 60-fold from 2000, making India Vietnam’s eighth-biggest trade partner.
The import-export turnover between Vietnam and India amounted to $7.18 billion during the first half of 2024. Of the total, Vietnam shipped goods worth $4.37 billion to India.
Among these exports were smartphones and parts, computers, electronic items, machines, and devices.
The Southeast Asian nation mainly imported steel and pharmaceutical products from India.
Ho Chi Minh City recorded revenue from exports to India at $240 million between January and June, up 18 percent year on year.
“Both Vietnam and India are focusing on the development of the mechanical, electricity, electronics, digital technology, and energy industries, so this is the best time for firms from the two nations to cooperate in these fields,” Chanh said.
