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Hai Phong eyes stronger trade cooperation with India

A conference promoting business opportunities and connection between the northern port city of Hai Phong and Indian partners has been held in both face-to-face and online formats as part of the Red River Delta – Hai Phong Industry and Trade Fair hosted by the municipal People’s Committee.
Hai Phong eyes stronger trade cooperation with India ảnh 1A view of Hai Phong port, Hai Phong city (Photo: VNA)

New Delhi (VNA) – A conferencepromoting business opportunities and connection between the northern port city of Hai Phong andIndian partners has been held in both face-to-face and online formats as part of the Red River Delta – Hai Phong Industry and Trade Fair hosted bythe municipal People’s Committee.

Jointlyorganised by the municipal Department of Industry and Trade, the Asia-AfricaMarket Department under the Ministry of Industry and Trade (MoIT), and theVietnam Trade Office in India, the event saw the participation of representatives from100 businesses of India and Hai Phong city. 

Addressingthe event, Vice Director of the municipal Department of Industry and TradeNguyen Cong Han said the ASEAN-India Free Trade Agreement, which officiallytook effect in 2010, has helped boost trade relations between Vietnam and Indiain general, and between Hai Phong and India in particular.

However,the trade turnover between Hai Phong and India remains modest. Thetrade value between the two sides reached over 202.5 million USD in 2022, down 3.72%compared to 2021. Meanwhile, the figure in the first 10 months of 2023 was 160.86million USD, up 6.26% year-on-year, he said.

Withits advantages in terms of seaports, manufacturing, textiles, footwear, and aquaculture,Hai Phong's industries satisfy the demand and preferences of the Indianmarket. The event was expected to further boost trade connections between HaiPhong and India firms, contributing to promoting bilateral export-import activities.

DoQuoc Hung, Deputy Director of the Asia-Africa Market Department, said this was asignificant event in the context that there remains potential and opportunitiesfor stronger cooperation between Vietnam and India.

The Indo-Vietnamese Chamber of Commerce& Industry (IVCCI), the Confederation of Indian Industry (CII), the Federation of Indian Chambers ofCommerce and Industry (FICCI), and the Federation of Indian Export Organisations (FIEO), have consistently supported the MoIT and theVietnam Trade Office in India in promoting economic, trade, and investment relationsbetween the two countries, he added

Chairman of IVCCI in Hanoi IndronilSenguta highly evaluated the business and investment environment in Vietnam,saying that the Southeast Asian country has effectivelyleveraged the global trend of production chain diversification by majorcorporations in the world.

NumerousIndian investors are very interested in the Vietnamese market, especially inprovinces and cities with convenient connectivity and transport like HaiPhong, which is considered Vietnam’s northern gateway, he said.

HaiPhong is one of the most important economic hubs in Vietnam, ranking thirdamong the largest contributors to the national budget. Hai Phong is the largestimport-export centre in the North, having trading relations with more than 40countries and territories around the world.

🍃 By September 30, 2023, the port city attracted over 1,000 foreign direct investment(FDI) projects worth nearly 28 billion USD. In the first nine months of this year, FDI inflows in the city hit over 3 billion USD, up over 140% compared tothe same period last year./.

VNA
#Hai Phong #India #stronger trade cooperation #trade value #production chain #Vietnamplus #Vietnam news #VIentam news Agency Hai Phong India

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