Conference discusses increasing India-Vietnam trade to 15 billion USD by 2020
Indian and Vietnamese officials and experts discussed measures to strengthen the two countries' economic ties at a conference in New Delhi on Thursday and Friday.
Vietnamese Ambassador to India, Ton Sinh Thanh, said Vietnam and India elevated bilateral ties into comprehensive strategic partnership during Prime Minister Narendra Modi's visit to Vietnam in September, 2016. The leaders affirmed that economic cooperation is one of the 5 pillars of bilateral partnership. During visits by President Tran Dai Quang and Prime Minister Nguyen Xuan Phuc to India earlier this year, the leaders set a goal of 15 billion USD of bilateral trade revenue in 2020.
India is Vietnam's 12th biggest trade partner, while Vietnam ranks 8th among India's trade partners.
Since 2010, Indian tourists to Vietnam has increased 17% year on year.
Indian Secretary of State V.K. Singh said both countries have a huge potential to enhance cooperation in pharmacy, tourism, garments and textiles, healthcare, petroleum, renewable energy, agriculture, and mining.