The opportunities for Vietnamese enterprises to export goods to India
Current data from the General Department of Customs shows that bilateral trade between Vietnam and India at the very first time, exceeded 13 billion USD, increased by 37% over the same period in 2021. The main products exported to India are: cell phones, components, computers, electronic products.
Currently, Viet Nam is India’s 4th largest trading partner in ASEAN, focusing on the fields of processing, manufacturing industries, electricity generation and transmission, and mining industries. Also, India is the 7th largest source of imports of Viet Nam. Until February 2022, Vietnam has invested 9+ projects in India with total investment capital USD6+ million.
Promoting cooperation between Vietnam and India
The trading opportunities for import- export
India is ranked 10th importer of the world and China is its main exporter. The recent problem in China’s logistics chain due to covid-19’s effect is a chance for Viet Nam to increase export volume to India.
Though, per experts’ opinion, Vietnam and India have not yet fully exploited their inherent strengths. There is still great potential for e-commerce, investment, import and export of agricultural products, and digital to develop between the two countries. In the pharmaceutical sector, there are currently more than 150 Indian enterprises are cooperating with Vietnamese enterprises. India has high demand for processed food and consuming goods that Viet Nam could supply.
Vietnam's export value to India reached over 713 million USD in January 2022
India – potential market for Vietnamese businesses
Over the past 10 years, import and export turnover between India and Vietnam has grown nearly four times, from $2.7 billion in 2010 to $9.6 billion in 2020). The average annual growth rate is nearly 16%. In 2021, import-export turnover has surpassed the 13 billion USD mark, despite the difficulties caused by the Covid-19 pandemic.
With their own competitive advantages, India and Vietnam are being chosen by foreign businesses for participating in their supply chains. This opens up more opportunities for trade between the two countries and the global supply chain, promoting the trade cooperation between India and Viet Nam.
With a variety of container shipping routes connecting Vietnam and India, Vantage Logistics contributes to providing solutions for this trade cooperation. Please email email@example.com (Ms. Hannah) for more information.