From a meagre US$ 200 million in the year 2000, bilateral trade between India and Vietnam has seen steady growth over the years. According to Indian statistics for Financial Year 2021-22, bilateral trade between India and Vietnam posted a growth of 27 % and reached US$ 14.14 billion. Indian exports to Vietnam reached US$ 6.70 billion (increase of 34%) while Indian imports from Vietnam amounted to US$ 7.44 billion (increase of 21%). In FY 2021-22, for India, Vietnam was the 23rd largest trading partner globally and the 4th largest within ASEAN, following Singapore, Indonesia, and Malaysia.

 

In FY 2021-22, key items of exports from India to Vietnam included iron and steel, cotton, cereals, meat, and fishery products, electrical machinery and equipment, machinery and mechanical appliances, auto parts, articles of stone, cement, plaster, paper and paper articles, inputs for leather articles, chemical products, organic and inorganic chemicals, pharmaceutical products, minerals, and its products as well as animal feed. Key items of imports into India from Vietnam were electrical and electronic equipment, chemicals, machinery and mechanical appliances, articles of plastic, copper and rubber, coffee, tea and spices, iron and steel and their articles, footwear, fertilizers, animal feed, inorganic chemicals, metals, silk, optical, medical and surgical equipment.

 

Source: Embassy of India, Hanoi, Vietnam : Bilateral Relations (indembassyhanoi.gov.in)

Bilateral Trade

Indian Business Chamber in Vietnam (INCHAM) is a Non-Profit organization, licensed and established in January 1999 with the objective to strengthen ties of Indian Businesses with the Vietnamese authorities for promoting ‘Economic and Business’ relations between Vietnam and India and also to be the focal point of the Indian Community in Vietnam. In its existence, the Chamber has moved decisively on each of these fronts. Incham was established in Ho Chi Minh City (formerly known as Saigon) which is the commercial capital of Vietnam.

 

Incham established its Chapter in the capital city of Hanoi in October 1999 to further widen and strengthen its presence in Vietnam. The chamber primarily endeavors to play an active role in promoting two-way trade between the two countries. It aims to create a forum that allows members to assist and complement each other to establish a smooth framework for the development of Indian business in Vietnam. Incham offers a legal platform to its members to promote their business interests and represent them to local authorities in times of need on a case-to-case basis.

Establishment of INCHAM

Currently, Incham has over 120 members in various fields like Manufacturing, Automotive, Infrastructure, Information Technology, Pharmaceuticals, Trading, Service, Oil & Natural Gas, Heavy Industrial Equipment, Chemicals, Banking, Finance, Insurance, Logistic, Consultant service, Textile, Mining, etc. These companies have been successful for introducing several Indian products in Vietnam and for expanding exports of these products. INCHAM is affiliated to the Viet Nam Chamber of Commerce and Industry (VCCI), Vietnam Business Forum (VBF), and have active relationships with many other foreign chambers operating in Viet Nam. INCHAM has established close relationships with the Chambers of Commerce and Industries in India and other countries. We have signed Memorandum of Understanding with various Chambers on co-operation in expanding trade and investment between Indian and Vietnam. In the short time that the chamber has been up and running, it has put together a string of success. Meetings were arranged for the members with the senior officials from the Service of trade, Service of Planning & Investment, Customs department, Immigration department, Economic Court and the Service of Labor, for members to understand the policies and guidelines of the mentioned departments.

INCHAM Members

India – Vietnam Relations

 

India and Vietnam, with historical roots in their national struggle for independence, share traditionally close and cordial bilateral relations. Mahatma Gandhi and President Ho Chi Minh, regarded as the Father of Nation in India and Vietnam respectively, led people in their heroic struggle against colonialism in their respective countries. India was the Chairman of the International Commission for Supervision and Control formed pursuant to the Geneva Accord of 1954 to facilitate the peace process in Vietnam. India initially maintained Consulate-level relations with the then North Vietnam and South Vietnam and later established full diplomatic relations with unified Vietnam on 7 January 1972.

 

Bilateral relations between the two countries were elevated to the level of ‘Strategic Partnership’ during the visit of Vietnam’s Prime Minister Mr. Nguyen Tan Dung to India in July 2007. In 2016, during Indian Prime Minister Mr. Narendra Modi’s visit to Vietnam, bilateral relations were further elevated to “Comprehensive Strategic Partnership”. The current development of India-Vietnam relations are guided by a historic “Joint Vision for Peace, Prosperity and People” adopted by Prime Minister Mr. Narendra Modi and Prime Minister Mr. Nguyen Xuan Phuc during the Virtual Summit held on 21 December 2020. On the sidelines of the Virtual Summit, the Foreign Ministers of the two countries also signed a Plan of Action for the period 2021-23 to implement the Joint Vision. Prime Minister Mr. Narendra Modi and General Secretary of Communist Party of Vietnam Mr. Nguyen Phu Trong had telephone conversation on 15 April 2022. In 2022-23, the two countries are celebrating the 50th anniversary of the establishment of diplomatic relations which also coincides with the 75th anniversary of India’s independence “Aazadi Ka Amrit Mahotsav”.

 

Source: Embassy of India, Hanoi, Vietnam : Bilateral Relations (indembassyhanoi.gov.in)

India – Vietnam Relations

Incham also understands its social responsibility and had carried out several charity programs in Vietnam. Some of the program includes funds to upgrade the Health Centers in Binh Phuoc Province, providing scholarships to the Students, building Vietnam-India Friendship Bridge in Can Gio, cash donation to help victims of agent orange and AIDS prevention, blood donation camp in coordination with RED CROSS. Chamber has carried out a lot of charity events such as donating 17 houses to the People of Can Gio district, Construction of India – Vietnam friendship bridge in Can Gio district, Donated clothes, Medicine, Money towards the natural disasters time to time in South of Vietnam. Incham recently initiated to provide digital lab for children at Birla Children Village in Hanoi. The initiative gain encouragement and praise from the Embassy of India in Vietnam.

Social Responsibility