Focusing on semiconductors and other tech industries, Vietnam looks forward to a $20 billion bilateral trade with India, says Prime Minister Pham Minh Chinh on his visit.
On Wednesday, Vietnamese Prime Minister Pham Minh Chinh advocated for a nearly $20 billion collaboration with India in semiconductor technology and other sectors. He projected that bilateral trade between the two countries could rise from approximately $15 billion to $20 billion in the coming years.
In addition to semiconductors, he highlighted potential cooperation in digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology on his three-day visit to India.
Pham Minh Chinh will be ceremonially welcomed on August 1 and is set to discuss bilateral issues with Indian Prime Minister Narendra Modi, as reported by the Mint.
At the Vietnam-India Business Forum organised by FICCI, Chinh further stated that Vietnam plays a crucial role in India’s Act East policy and recognised the efforts of both governments in promoting business opportunities between their regions.
He noted that both countries had supported each other in areas such as supply chain management, strategic resources, climate action, environmental technology, human resources, defence, and security.
Besides, the Vietnamese Prime Minister stressed the need to boost cooperation in transportation, energy, and other sectors. He revealed Vietnam’s interest in Indian investments in transportation, health, and education, especially in pharmaceuticals for critical health issues, at the event. With growing investments and bilateral trade, both countries can address global challenges and strengthen their strategic partnership.
In 2023-24, India-Vietnam trade reached $14.82 billion. India exported $5.47 billion worth of goods and imported $9.35 billion. Major exports included buffalo meat, marine products, and pharmaceuticals, while key imports were electronics, telecom instruments, and rubber.
Despite growing trade, investment between India and Vietnam remains low, according to reports. Indian investments in Vietnam total around $2 billion, with 392 projects valued at $1.12 billion. Vietnam has only six projects in India, and it has invested about $28.55 million, mainly in pharmaceuticals and IT.
