India ranks 19th in Exporting goods to the world. Export Import Trade in India is a Vedic ceremony that made India economically stable. India was known as the ‘Golden Bird’, rightly so because India’s wealth earned it the name.
India exports goods to many countries, Vietnam being one of the largest trading partners, 18th largest to be precise.
Vietnam is becoming a leading choice for major companies looking to set up their new manufacturing hubs and diversify their supply chains. The country has bolstered investor confidence with quick and efficient containment of the COVID-19 pandemic.
Vietnam’s manufacturing industry has rapidly emerged as a highly effective location for incoming electronics and telecom manufacturers who are relocating from China due to increased costs and the US-China trade war.
India has significant expertise in IT services, pharmaceuticals, and oil & gas, all of which can earn significantly from export to Vietnam. There are export opportunities in zinc, iron, steel, and man-made staple fibres from India to Vietnam.
There is a notable scope for the development of services related to wholesale & retail trade, transportation & storage, business support along with trade opportunities in cotton and knitted clothing.
Over the past two decades, bilateral trade between Vietnam and India has steadily grown from US$200 million in 2000 to US$12.3 billion in the financial year 2019-2020.
There are many products India export to Vietnam. India also has plans to set up multinational companies in Vietnam and increase and stabilize the trade relations with Vietnam.
Vietnam’s topography, climate, and fertile soil make it suitable for coffee plantations. The TATA group has expressed plans of investing in the installation of agricultural machinery to serve demand in the Mekong Delta.
Vietnam’s domestic pharmaceutical industry is currently able to meet just 53 per cent of the country’s demand, presenting significant opportunities for Indian investors as India is among the leading global producers of generic medicines supplying 20 per cent of total global demand by volume.
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