VGP – India has become one of top ten trade partners of Vietnam in the recent years, which has created favorable conditions for Vietnamese businesses to boost up exports to the market.
According to the Vietnam Commercial Affairs in India, the country’s trade deficit has fallen in the recent years with US $1,705 billion in 2008, US $1,215 billion in 2009, US $753 million in 2010.
The two-way trade turnover reached US$1.85 billion in the first half of this year, of which export and import value of Vietnam is estimated at US$755 million, up 23% and US$1.09 billion, down 18%, respectively.
The first half’s trade deficit only stood at US$335 million, down 45%.
Among 23 exported products, rubber ranks first in terms of export revenue with US$59.1 million, followed by cashew US $8.3 million, computers and electronics US$65 million, chemicals US$24 million, and mobile phones US$171 million.
Two-way trade turnover expected to hit US$7 billion by 2015
Vietnam and India set the goal to lift up the two-way trade value to US$7 billion by 2015.
Indian Minister of State for External Affairs E. Ahamed revealed that India is ready to supplement content to the strategic partnership, particularly in terms of economics, trade, science and technology and culture.
Between 2005 and 2011, the bilateral trade turnover folded in 5.5 times meanwhile Vietnam ‘s export turnover increased 15 times.
By Thuy Dung