VN, India enhance cooperation in supply chain in post-COVID-19 period

VGP – The post-COVID-19 period is a golden period for Viet Nam and India to boost material and production supply chain connectivity in such fields as electronics, garment, footwear as well as establish other cooperative ties.

September 23, 2020 9:56 PM GMT+7

Electronics, computers and phones are among Viet Nam's key export items to India.

An online Viet Nam-India trade promotion conference was jointly organized on September 22 by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Engineering Export Promotion Council (EEPC) of India.

Chairman of EEPC Mahesh Desai said that Viet Nam is one of the key locations in India's Look East policy thanks to its high economic growth, dynamic development and the attractive destination of foreign investors.

The bilateral cooperation is still limited compared to the potentials of both sides, said Pranay Verma.

Speaking at the event, Vice President of VCCI Vo Tan Thanh said that the two-way trade value exceeded US$11.2 billion in 2019, of which Viet Nam’s exports and imports from India hit US$6.6 billion and US$4.6 billion, respectively.

The bilateral trade reached more than US$5 billion over the recent seven months of 2020 despite severe consequences caused by the COVID-19 pandemic.

Viet Nam gained US$2.6 billion from exporting to India in the first seven months of this year while the nation’s imports from India hit US$2.4 billion.

The Southeast Asian nation’s key export items included computers, phones and accessories.

The two nations proposed measures to soon raise the bilateral trade value to US$15 billion in the upcoming time, Thanh added.

Regarding investment, as of April 2020, India ranked 26^th among 136 nations and territories investing in Viet Nam with 272 projects, worth more than US$887 million, focusing on oil exploitation, information technology and agricultural products.

By Thuy Dung