Home News A Step towards cementing Indo-Vietnam Bilateral Relations

A Step towards cementing Indo-Vietnam Bilateral Relations

by Our Corresspondent - Nov 20, 2020

Mumbai : “India & Vietnam have good trade relations of around US$13 billion and we expect this to cross US$ 20 billion by 2025” said H.E. Dr. Madan Mohan Sethi, IFS, Consul General of India in Ho Chi Minh City, Vietnam during a Webinar organised by FLO under its W7 (Women of 7 Global Regions) initiative in partnership with Consulate General of India, Ho Chi Minh City & HAWEE (Ho Chi Minh City Association for Women Executives & Entrepreneurs).  The topic of the discussion was India & Vietnam: Opportunities & Potential for Business Collaborations between Women Entrepreneurs

H.E. Dr. Sethi further said “India has had a strong, long-standing and deep-rooted relationship and we continue to be one of the most trusted allies for Vietnam. We continue to explore opportunities for future collaboration between India and Vietnam across sectors such as Pharmaceuticals, Textile, Iron & Steel Industry, rubber & Infrastructure. Ho Chi Minh city which is the heart of Vietnam & the main driving force behind Vietnam’s economy is attracting a lot of investment from other parts of the world. More than 50 % of the Vietnamese population is below 25 years of age, high skill workforce & their work ethics has made Vietnam an attractive destination for investment” he added

Jahnabi Phookan, President FICCI FLO said, “Studies suggest that countries which have a higher percentage of women entrepreneurs have had a better growth rate. We look forward to contributing towards enhancing synergy between the two countries & intend to launch our partnership to explore areas of mutual interest. We will be working towards accelerating women participation in the process of economic development by promoting entrepreneurship & professional excellence. Deepening synergy & enhancing the collaboration between India & Vietnam is the most crucial need of the hour” she added

Cao Thi Ngoc Dung, President, HAWEE said "We will explore opportunities for interaction between the women entrepreneurs of both the countries which would help in strengthening our ever-growing bilateral trade"

Nguyen Thi Bich Ha, Vice President, HAWEE added "I strongly believe that India has a huge potential specially in travel & its associated sectors, cuisines & various aspects of its diverse culture which help in attracting travellers from all parts of the world"

Day Chair, Dharitri Patnaik, Chairperson Flo Bhubaneshwar said “The bilateral trade between India & Vietnam has increased over the past few years. Apart from the strong bilateral & economic ties, India & Vietnam share many cultural traditions as well which include worshiping of ancestors & celebrating the lunar New Year among others.”

From a meagre US$200 million in the year 2000, bilateral trade between India and Vietnam has seen steady growth over the years. According to data in 2019-20, bilateral trade reached US$12.34 billion. This marked a decrease of 9.9 percent year-on-year, largely on account of COVID-19 related trade disruptions.