Economy should lie at the heart of India-Vietnam relations, according to an article posted on the Times of India on February 27 on the occasion of the upcoming visit to India by Vietnamese President Tran Dai Quang from March 2-4.
Economy should lie at the heart of India-Vietnam relations (Illustrative image. Source VNA)
New Delhi (VNA) – Economy shouldlie at the heart of India-Vietnam relations, according to an article posted onthe Times of India on February 27 on the occasion of the upcoming visit toIndia by Vietnamese President Tran Dai Quang from March 2-4.
Titled “Move on Economics: Vietnam President’supcoming visit should boost bilateral trade and business ties”, the articlecited a recent survey showing Vietnam was one of the fastest growing economiesbetween 2007 and 2017.
The country’s gross domestic product (GDP)expanded 6.7 percent last year with the total volume of trade reaching a recoᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚrd425 billion USD, of which expo♍rts accounted for 200 billion USD.
Vietnamalso received 33 billion USD in foreign investment in 2017, a factor that willspur greater growth this year. Even the World Bank estimates greater growth forVietnam in 2018.
These accomplishments were a ෴direct result ofeconomic reforms called Doi Moi that Vietnam launched in the 1980s.
DoiMoi laid the foundation for Vietnam to adopt technology and make significantimprovements in its labour market. The Vietnamese economy gradually opened up,spurring growth. Thisgave Vietnam the confidence to conclude 16 bilateral and regional free tradeagreements over a couple of years, the article said. Today,Vietnam enjoys significant global value chain linkages with China, Japan andthe Republic of Korea, which is beneficial for Vietnam’s export growth ofelectronics, apparel, food and beverages. Allof these things make Vietnam an ideal economic partner for India in SoutheastAsia, the article said, adding that this also makes the India-Vietnamrelationship a key pillar of New Delhi’s Act East policy.
Bilateraltrade hit 7.6 billion USD in 2017, representing a year-on-year rise of 40percent. However, there is still room for growth, the article stressed.
It emphasised that President Quang’s visitexemplifies the growing relationship between New Delhi and Hanoi as it comesjust a month after Vietnamese Prime Minister Nguyen Xuan Phuc travelled to NewDelhi for the Indo-ASEAN Commemorative Summit and India’s Republic Daycelebrations, highlighting the importance of India-Vietnam ties.
President Quang will be accompanied by a largegroup of entrepreneurs –demonstrating the economic aspect of the visit.
In fact, President Quang is expected to witnessthe signing of bilateral Memoranda of Understanding regarding a joint ventureon a coಞal termꦰinal in Vietnam, joint port development and cooperation inagriculture.
ThePresident will also preside over the launching ceremony of a direct air routebetween India and Vietnam.-VNA
Trade in paper between Vietnam and India is quite low and there is significant potential for growth, a meeting between Indian and Vietnamese paper companies heard in HCM City on February 9.
Vietnam always treasures and encourages foreign investors, including those from India, to invest and do business in the country, President Tran Dai Quang told Indronil Sengupta, Chief Executive – Vietnam at Tata Sons.
The upcoming State visit to India by Vietnam’s President Tran Dai Quang, from March 2-4, is expected to help promote cooperation between the two countries, while deepening ties in national defence and security, said Vietnamese Ambassador to India Ton Sinh Thanh.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Economy should lie at the heart of India-Vietnam relations (Illustrative image. Source VNA) 
