Viet Nam’s exports to India witness positive growth
VGP - Viet Nam’s exports to India saw a year-on-year increase of 15.2 percent over the first seven months of this year, reaching US$5.37 billion, reported the Ministry of Industry and Trade.
Among major export items, phones and accessories ranked first with US$1.15 billion, up 102 percent. It was followed by computers, electronics and spare parts with US$945 million; and machines, equipment, and tools with US$507 million.
During January-July, the bilateral trade value hit nearly US$8.67 billion, up 4.5 percent from the same period last year. Viet Nam enjoyed a trade surplus of US$2.06 billion.
According to Indian data, the two-way trade reached US$14.82 billion in 2023, an increase of 0.76 percent year on year.
India's exports to Viet Nam reached US$ 5.47 billion, down 7.43 percent while Indian imports from Viet Nam amounted to 9.34 billion, up 6.26 percent.
During 2023-2024, for India, Viet Nam was the 21st largest trading partner and 22nd largest export destination globally. For Viet Nam, India was the 7th largest trading partner, 7th biggest importer of Viet Nam's products and 11th biggest import source of Viet Nam.
Since Viet Nam and India elevated ties to a comprehensive strategic partnership in 2016, two-way trade has increased 2.5 times, while there remain great potential for investment and trade cooperation between the two countries.
According to experts, trade cooperation is an important pillar in the Viet Nam-India relations with impressive achievements.
India is currently Viet Nam's leading economic partner in the South Asian region. Notably, trade with India accounts for about 80 percent of Viet Nam's total trade turnover with South Asian countries, which has grown significantly.
Trade turnover between Viet Nam and India expanded 17.3 percent in the 2011-2016 period and 12 percent in the 2017-2023 period./.
