An online conference on trade promotion via the Vietnamese community in India and Nepal was held on May 20.
It was jointly held by the Vietnam Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade, the trade office of the Embassy of Vietnam in India, the association of Vietnamese people in India and Nepal, and the Indian Importers Chambers of Commerce and Industry in Vietnam.
VIETRADE Deputy Director General Le Hoang Tai told the conference that Vietnam boasts huge potential for export to the Indian market of nearly 1.4 billion people.
Prominent exports to the country include farm produce and processed foodstuff, particularly dragon fruit and basa fish, while staples such as cashew nut, coffee, and peppercorn also have room for growth. VNA
The two governments have agreed on the need to develop supply chains in the fields of garments and textiles, footwear, electronic devices, machinery, and mechanical products, he noted.
Bilateral trade increased more than 2.06-fold to 11.21 billion USD from 5.43 billion USD between 2016 and 2019, with Vietnam posting a trade surplus of 2.1 billion USD in 2019.
Those figures, however, remain modest compared to potential.
Meanwhile, Nepal is also viewed as a promising market for Vietnam.
Both countries are members of the WTO and annual bilateral trade averages about 30 million USD.
Vietnam exports mobile phones and components, computers, electronic devices, and peppercorn to Nepal, while importing cosmetics and hygiene products, among others.
Vietnamese firms were advised to study the customs and culture of the two countries prior to working on export contracts, and should anticipate a language barrier, time-consuming sea transport, and competition from other countries.