Among the items exported from Vietnam to India, footwear was one of the categories that saw an increase of 96 per cent YoY. Whereas raw materials saw a decrease of 76.5 per cent YoY.
Both countries could be key to each other in economic production, as there is a high demand of materials in Vietnam’s production and export, and India is a key supplier of materials, said Vietnamese media reports quoting Bui Trung Thuong, Vietnamese Trade Counsellor in India.
Vietnam’s leading provider of garment, textile, and leather materials is India. On the other hand, India’s 1.4-billion-plus market, with its diverse demands, is good for Vietnamese exporters.
Apart from trade, both countries’ cooperation also grew in investment. For example, India’s Adani Group has committed to invest $10 billion in Vietnam.
Thuong also said that India's trade defence measures were complicated and had caused substantial difficulties for Vietnam in approaching the market.
Online trade promotion activities were organised by the Vietnam Trade Office in India, in a bid to support Vietnamese businesses to penetrate the Indian market more deeply.
ALCHEMPro News Desk (DP)
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