According to the Vietnam Trade Office in India, trade between the two countries has continued to grow robustly, serving as a key pillar in bilateral cooperation.
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Workers transport rice at a warehouse in Jalandhar city, India. |
From approximately 200 million USD in 2000, bilateral trade turnover reached nearly 15 billion USD in 2024, marking a 4.5% increase from 2023. Vietnam’s exports to India, which has a population of over 1.4 billion, amounted to 9.06 billion USD, a 7.6% rise year-on-year, making India one of Vietnam’s eight most important trading partners. Concurrently, Vietnam remains among the top four ASEAN countries with the strongest trade ties with India.
Notably, India is Vietnam’s largest trading partner in South Asia, accounting for nearly 80% of Vietnam’s total exports to the region. Many Vietnamese agricultural products recorded increased export value in the Indian market in 2024. Specifically, tea exports grew by 18.7%, pepper 9.3%, timber and wood products 18%, aquatic products 12%, rattan and bamboo products 11%, rubber products 11%, and confectionery and cereal products 11.1%, while coffee exports remained stable at 38.83 million USD. Animal feed and raw materials also saw a 7.7% increase.
In contrast, Vietnam’s imports of agricultural products from India declined across several categories. Aquatic product imports dropped by 14.6%, animal feed and raw materials by 62.4%, and fruits and vegetables by 17.4%. These trends indicate Vietnam’s expanding footprint in India’s agricultural and food sectors, contributing to its trade surplus of 3.2 billion USD with India in 2024, a 22.2% increase from 2023.
In 2025, alongside traditional markets such as the U.S., China, and Japan, expanding agricultural exports to India, the world’s fifth-largest economy, represents a useful approach to diversifying markets.
Vietnam’s Trade Counsellor in India Bui Trung Thuong said the Indian market still offers ample opportunities for Vietnamese businesses. Moreover, the high complementarity of the two countries’ goods structures provides a strong impetus for sustainable economic cooperation. A thorough understanding of the market is essential to identify and focus on potential commodities.
Vietnamese businesses should actively participate in trade fairs in India which are typically large-scale, reputable, and modern events attracting global enterprises. Many Vietnamese companies have secured big and long-term contracts through these platforms, he noted.
Several key trade and investment events have taken place in India, offering opportunities for Vietnamese enterprises. For example, the Invest Kerala Global Summit 2025 focused on seafood processing, spices, food technology, and consumer goods. Kerala, a dynamic and populous state with approximately 35 million residents, is recognized for its business-friendly policies, modern infrastructure, and efficient approval processes, making it an attractive destination for investment.
Additionally, the Madhya Pradesh Global Investors Summit 2025 highlighted investment opportunities in the fisheries and agricultural sectors. Madhya Pradesh, known as the “heart of India”, is the country’s second-largest state with a population of around 90 million. This summit aims to strengthen economic, trade, and investment cooperation between Madhya Pradesh and international partners, including Vietnam.
Another significant event is the coming 7th ACT East Business Show, organized by the Indian Chamber of Commerce. As part of India’s Act East Policy, this exhibition seeks to leverage the country's northeastern region as a strategic gateway to Southeast Asian markets. The event will feature key agricultural sectors, including forestry, processed food, and handicrafts, giving Vietnamese firms a valuable opportunity to explore the market, seek partners, and expand business operations in Northeast India as well as ASEAN countries.
Source: VNA