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Vietnam-India bilateral trade turnover surpass $5b target

YarnsandFibers News Bureau 2014-12-26 14:00:00 – Vietnam

The Vietnam-India bilateral trade turnover in the first 11 months of the year reached US$5.15 billion, posting an 8.37 per cent year-on-year increase. The two-way turnover has increased by an average 16 percent each year since 2009, making the two countries became important trade partners.

During Vietnamese Prime Minister Nguyen Tan Dung's official visit to India in October, the two countries agreed to take measures to promote bilateral trade to reach a turnover target of $7 billion in 2018, and $15 billion by 2020.

The imported items that saw strong growth include cotton ($237.2 million), machines and equipment ($95.5 million) and materials for garments and textiles ($28.5 million).

The key commodities that are expected to significantly contribute to boosting the two-way trade are textiles and garments, pharmaceuticals and agricultural products.

Statistics released by the department of general customs showed that the two countries' total exports were worth $2.27 billion, an increase of 3.7 per cent over the same period last year. The import turnover posted a 12 per cent increase from the corresponding period last year to reach $2.88 billion.

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