Vietnam-India Business Forum promotes agricultural growth
A Vietnam-India Business Forum was jointly held by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of Vietnam in India on October 26.
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The forum was designed as a bridge for businesses of Vietnam and India to meet and exchange information, towards the signing of partnership deals and investment in farm produce, contributing to the target of lifting two-way trade to 15 billion USD in 2020.
Speaking at the forum, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said that the friendship and cooperation between Vietnam and India have recorded comprehensive and practical development and India is currently one of Vietnam’s largest trade partners.
Bilateral trade value from agro-forestry-fishery products hit nearly 1.2 billion USD in 2017. Vietnam’s export turnover to India reached 400 million USD while its import value stood at about 800 million USD.
Vietnam mainly shipped coffee, pepper, cashew nuts, aquatic products to India and imported vegetable and fruit saplings, cotton, maize, pharmaceutical products, medicine and cattle feed, he noted.
Nam also pointed out that Indian investors have yet to pay attention to many areas that Vietnam currently has strong demand, stressing that the two countries hold great potential in agricultural cooperation and rural development.
The deputy minister expressed his hope that Indian firms will bolster investment and technology transfer in agricultural mechanics, agro-fishery processing, organic and high-tech agriculture.
At the event, the two sides responded to inquiries on policies and legal corridors in each country, in a bid to create optimal conditions for business activities and promote bilateral trade.
