India has been welcomed as the guest of honour country at the 33rd Vietnam International Trade Fair (Vietnam Expo 2024) organised by Vietnam’s Ministry of Industry and Trade from April 3-6 in Hanoi.

The Indian Trade Promotion Organisation under the Ministry of Commerce and Industry of India is coordinating the Indian pavilion with 14 booths exhibiting various Indian products in sectors like communications, electronics, automobile components, waste-water treatment, banking and financing services, agro-processing, consumer goods, and infrastructure such as ports and logistics.

“Indian companies are eyeing the Vietnamese market, which is looking quite attractive to them,” said Indian Ambassador to Vietnam Sandeep Arya. “India wants to expand its trade and investment ties with Vietnam.”

“As we activate efforts in India at the level of government and businesses, we look forward to the support of the Vietnamese government, agencies, businesses, and the media in expanding bilateral trade, investment, and collaboration among our enterprises,” he added.

Indian companies such as M/s Adani Ports & Special Economic Zones Limited, Bank of India, Bharat Electronics Limited, Spark Minda Corporation Limited, Ion Exchange India Limited, Allanasons Private Limited, Marhaba Frozen Foods, Fair Exports (India) Private Limited, KCP Limited, Marico South East Asia Corporation, and Tata Coffee Vietnam Company Limited look forward to engaging with Vietnamese businesses to explore further collaboration and opportunities.

“Apart from efforts at government level, enhancing business exchanges, particularly in areas of strength for both economies, could help unleash potential business opportunities between the two countries,” the embassy said. “In this context, the presence of Indian companies at the expo will help bridge the information gap, facilitate business to business contacts, and further promote business cooperation between the two countries.”

According to the embassy, bilateral trade between India and Vietnam has been growing over the last few years and stood at $14.36 billion in 2023 when India was Vietnam’s seventh largest trading partner, seventh largest export market, and tenth largest import source.

India’s major exports to Vietnam included machinery and equipment, auto components, pharmaceuticals, maize, marine products, metals, animal feed ingredients, and chemicals. India’s major imports from Vietnam were electronic items, mobile phones and accessories, machinery and equipment, steel, and other metals.

At present, India and Vietnam are among the fastest growing economies in the world. India has become the fifth largest economy in the world with a GDP of $4.1 trillion and estimated 7 per cent GDP growth in the next four years.

India’s foreign direct investment (FDI) inflow increased to $84.84 billion during 2021-2022 and maintains a healthy trend.

To date, India is home to 113 unicorns with a combined valuation of $350 billion, and has over 124,000 government-recognised startups.

Source: VIR