HCM City (VNA)🎀 – The cooperation potentialin trade and investment between Vietnam and India in general and between Ho Chi Minh City and India in particular remains huge and has not been fully exploited, heard at a forum held in the city on November 21.

Experts shared the view at the “India - Ho Chi Minh City Business Forum” co-organised by the HCM City Investmentand Trade Promotion Centre (ITPC) and the Consulate General of India in HCM City.

Speaking at the event, ITPC Deputy Director Ho Thi Quyen said that since the establishment of diplomaticrelations between the two countries 𝔍in 1972 and the upgrade to a comprehensive strategic partnership in2016, the Vietnam-India relationship has witnessed great achievements. 

According to data from the General Department of VietnamCustoms, in 2022, the bilateral trade value between Vietnam and India hit 15.05billion USD, of which Vietnam's exports to India reached 7.96 billion USD, andits imports from India were 7.09 billion USD.  India became Vietnam's 8th largest trading partner. Indiacurrently has more than 400 investment projects in Vietnam with totalregistered capital of more than 1 billion USD, ranking 26th out of 141countries and territories investing in Vietnam. Vietnam and India still have a lot of room to expand tradeand investment cooperation because of their large market size. Moreover, thecommodity structures of the two countries complement each other well. Vietnam and India have already signed a DoubleTaxation Avoidance Agreement, an Investment Promotion and Protection Agreement and a Commercial and Economic CooperationAgreement, which are the foundation for enterprises of the two countries to seekinvestment and business opportunities. Meanwhile, in the past years, HCM City and Indiahave continuously strengthened and developed their relationship in trade andinvestment cooperation, as well as people-to-people exchanges. 

As of October 2023, India had 237 investment projectswith total capital of more than 131 million USD, ranking 23rd among 120countries and territories investing in the city.

ꩲ The Vietnamese official saidthat the city sees great potential for cooperation with Indian partners andhopes that India will continue to create conditions for businesses from bothsides to meet, seek opportunities, and promote cooperation in fields includingtrade, tourism, science-technology, health, and education.

For her part, Sunaina Khanna, Assistant Vice President ofInvest India, said that India is one of the five largest economies in the worldwith its GDP reaching 3.75 trillion USD in 2023 and export turnover of 770billion USD.  It is estimated that by 2030, India's digitaleconomy will reach 800 billion USD and it is a huge consumer market with 357million young consumers under 30 years old. Exporting countries, includingVietnam, can take advantage of the market for development, she said. At the same time, India is also an ideal investmentdestination that Vietnamese businesses and investors can consider as thecountry’s corporate tax is among the lowest in the world and it offers manypreferential policies to develop the semiconductor and screen manufacturingecosystem, tax exemptions for exported goods, simple one-stop administrativeprocedures and abundant industrial land areas. At the forum, Indian and HCM City businessesexpressed their wishes to seek new areas of cooperation, striving to increasetwo-way trade, strengthen cooperation in tourism, culture, science, andtechnology, as well as promote people-to-people exchanges./.