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NEWS UPDATES Asean Affairs     8 November  2011

Vietnam-India trade to improve

Vietnam and India hope to increase two-way trade to US$7 billion by 2015. This was decided at the India Calling conference held here yesterday.

In the first 10 months of this year, bilateral trade turnover between the two countries reached $3 billion, representing an increase of 40 percent over the same period last year. India's exports to Vietnam reached $1.66 billion while Vietnam's exports to India were $1.02 billion.

It is expected total trade will reach $3.5 billion this year.

The two nations agreed to stimulate trade and investment promotion, encourage co-operation in the private sector and try to complete the ASEAN-India Free Trade Agreement's provisions on services and investment.

The conference, organised by the Indian Embassy and Viet Nam Chamber of Commerce and Industry with the support of the Ministry of Industry and Trade (MoIT) and the municipal People's Committee was attended by delegates from 40 Indian enterprises and many Vietnamese agencies and businesses.

Deputy minister of MoIT, Le Duong Quang, said Vietnam wanted to enhance multifaceted co-operation with India, one of its strategic partners in the region.

Quang said the conference would promote awareness of the abundant infrastructure and construction opportunities available in India for Vietnamese companies.

Indian companies would also be advised on the opportunities available in Vietnam in finance, infrastructure, construction, energy, education, machinery, equipment and hospitality.

"India is among the top 10 trading partners for Vietnam," Quang added.

The Indian ambassador, Ranjit Rae, said India had strengthened strategic partnerships and co-operation with all countries in the ASEAN region.

He believed the $7 billion target trade would be achieved after the implementation of the India-ASEAN Free Trade Agreement on services and investment.

One Indian businessman called for Vietnam to improve the transparency of its laws to make it easier for foreign enterprises to invest.

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