New Delhi, India – The recent visit of Vietnamese Prime Minister Pham Minh Chinh to India marks a significant step forward in the economic partnership between India and Vietnam. During his three-day visit, PM Chinh, accompanied by a high-level delegation including ministers, deputy ministers, and business leaders, emphasized the potential for a Free Trade Agreement (FTA) between the two nations to further strengthen economic cooperation.
Speaking at the Vietnam-India Business Forum , PM Chinh highlighted the importance of expanding market access to each other’s products through a suitable FTA. “We need to make sure that our benefits are shared with each other for Indian businesses. I hope that you (India) would continue to invest and invest more in Vietnam,” he stated.
A Vision for the Future
PM Chinh proposed an ambitious target to increase bilateral trade to USD 20 billion, urging businesses from both countries to collaborate and find innovative solutions to achieve this goal. He emphasized the need for stronger cooperation in strategic infrastructure projects, including transportation, energy, digital, and climate infrastructure.
“I’ve spoken to many Indian businesses. I called on them to make investment into infrastructure, including strategic infrastructure, transportation, health, educational, cultural and all the rest of it,” PM Chinh added, highlighting the broad spectrum of opportunities available for Indian investors in Vietnam.
Launch of New Flight Route
In a move to enhance connectivity between the two nations, PM Chinh participated in the launch ceremony of a new flight route between Ahmedabad (India) and Da Nang (Vietnam). This new route is expected to facilitate easier travel and foster closer business ties.
Pharmaceutical Cooperation
Vietnam currently imports 33 percent of its pharmaceutical products from India. PM Chinh expressed a keen interest in collaborating with India to establish a robust pharmaceutical ecosystem in Vietnam. This initiative aims to leverage India’s strengths in the pharmaceutical sector to meet Vietnam’s healthcare needs more effectively.
GTTCI Members at the Vietnam-India Business Forum
The Global Trade & Technology Council of India (GTTCI) is proud to announce that our board members Ankur Khandelwal, Jaspreet Singh Bindra, Vineet Nahata and Shubham Gupta participated in the Vietnam-India Business Forum. This event provided a wonderful opportunity for our members to engage with Vietnamese counterparts, explore new business avenues, and contribute to the growing Indo-Vietnamese economic relationship.
Conclusion
The visit of Vietnamese Prime Minister Pham Minh Chinh to India has laid the foundation for a new era of economic cooperation between the two nations. With the potential for a Free Trade Agreement and increased bilateral trade, businesses from both countries are poised to benefit from this strengthened partnership. GTTCI members are encouraged to seize this opportunity to further the relations and contribute to the shared aspirations of India and Vietnam.
