New Delhi
Bilateral trade between India and Vietnam is poised to surpass $2 billion in the next couple of years.
According to the Federation of Indian Chambers of Commerce and Industry (Ficci), trade between both the countries has been increasing at a fast pace. From a meagre $72 million in 1995-96, the bilateral trade surged to $1,018 million in 2006-07 at an average growth rate of 20 percent.
A country of 83 million, Vietnam’s GDP has been expanding by over 8 percent for the last four years. It has attracted about $98 billion in foreign direct investment since 1988. About $15 billion worth of foreign equity has poured into Vietnam in the first five months of the ongoing financial year, Ficci said in a report.
Indian companies are also increasingly investing in Vietnam across all major sectors of light and heavy industry, services, construction, agriculture, tourism and transport. Tata Steel in January 2007 earmarked $3.5 billion for setting up a steel complex while the Essar Group signed an agreement to set up a steel plant worth $527 million.
India, which is the sixth biggest foreign investor in Vietnam, is cooperating in setting up an Advanced Resources Centre in information technology (IT) in Hanoi, the south east Asian nation’s capital city, and also assisting the country in human resources development in IT in the country. It is also assisting Vietnam in some important biotech projects.
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