India’s trade with Vietnam has almost doubled in 3 years – two-way trade between the two countries increased to a level of US $ 817.68 million from a meagre US $ 448.65 million in 2003-04.

This was indicated at a meeting between Kamal Nath, Minister of Commerce & Industry and Hoang Trung Hai, Minister of Industry of Vietnam

Both the Ministers expressed satisfaction at the significant upward trend in bilateral trade and observed that the volume of trade would increase further with the conclusion of the Free Trade Agreement with ASEAN.

Kamal Nath said Vietnam was a marvelous turnaround story that was grabbing world attention. “India and Vietnam have close ancient linkages and common value systems; we must now together forge ahead on the economic front in the march against deprivation and poverty”, the Minister said.

During the current year also bilateral trade is progressing well. During April-July 2006-07, trade between India and Vietnam has been of the order of US $ 310.69 million, comprising US $ 251.65 million worth of exports to Vietnam and US $ 59.04 million worth of imports from Vietnam.

Vietnamese Minister also discussed with Kamal Nath the possibilities of bilateral cooperation in investment, especially in sectors like information technology, pharmaceuticals etc. Indian investments in Vietnam are currently valued at US $ 125 million with considerable scope for increasing it further, both sides noted.

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