Viet Nam, India strive to raise trade turnover to US$20 billion

The Vietnamese Government chief made the above statement at the Viet Nam-India Business Forum in New Delhi on July 31.

Pham, who is on a State visit to India, encouraged Indian businesses to pour investment in such areas as high-tech, AI, infrastructure, renewable energy, Hydrogen, biology, innovation as well as pharmaceuticals.

He called on India to increase official development assistance for Viet Nam's projects in terms of infrastructure, digital infrastructure and climate change.

On this occasion, Prime Minister Pham witnessed the launch ceremony of an air route linking Da Nang (Viet Nam) and Ahmedabad (Gujarat, India) and the welcoming ceremony of the 200 millionth passenger of Vietjet Air.

The Prime Minister's visit takes place from July 30 to August 1. The official welcome ceremony will take place on the morning of August 1, which will be follwed by summit meeting with Prime Minister Narendra Modi.

The two Prime Ministers will witness the signing of cooperation agreements between the two countries.

On the second day of the visit, the Prime Minister is scheduled to meet with President of India Droupadi Murmu, Vice President and Chairman of the Rajya Sabha Jagdeep Dhankhar, and Speaker of the Lok Sabha Om Birla.

Another significant event will be the Prime Minister's speech at the Indian Council of World Affairs.

This visit takes place following India's successful 18th Lok Sabha elections and the re-election of Prime Minister Narendra Modi for a third consecutive term. The Prime Minister is one of the first foreign leaders invited to visit India after the elections and the formation of the new government.

This is also the first visit since the two countries established the Comprehensive Strategic Partnership in 2016.

The two-way trade turnover between Viet Nam and India increased to US$14.36 billion in 2023 from roughly US$200 million in 2000.

For India, Viet Nam is the 21st largest trading partner and the 22nd largest export destination globally. For Viet Nam, India is the eighth largest trading partner.

India has 410 active projects with total registered capital of US$1.03 billion, ranking 25th among 146 countries and territories investing in Viet Nam. On the other hand, Viet Nam invested over US$14 million with 16 FDI projects in India./.