According to the diplomat, the comprehensive strategic partnership has made important progress in many fields, including economy and trade, and the two countries are striving to bring bilateral trade turnover to 20 billion USD.
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Le Quang Bien, Consul General of Vietnam in Mumbai |
Both Vietnam and India are rapidly growing economies with diverse strengths, so they have great potential for enhanced trade and investment. India considers Vietnam a key pillar in its Act East policy and an important partner in its Indo-Pacific vision. Meanwhile, Vietnam always attaches its high priority to promoting comprehensive cooperation with India, especially in the areas of economy, trade and investment in an increasingly substantive and effective manner.
Regarding manufacturing, Bien said Vietnam has emerged as a pivotal manufacturing hub in Southeast Asia, strongly focusing on electronics, textiles, and automotive industries, while India’s burgeoning manufacturing capabilities, along with its abundant material resources and skilled labour, force offer a fitting complement to Vietnam’s strengths in this sector. By leveraging Vietnam’s strategic location as the key gateway to the Association of Southeast Asian Nations (ASEAN) and the series of free trade agreements to which the country is a signatory, Indian enterprises would be able to gain access to a vast consumer market not only within the bloc but also worldwide.
As for technology sector, both Vietnam and India boast vibrant technology ecosystems, marked by burgeoning startups and a keen focus on innovation, Bien said. He suggested two sides enhance collaboration in this domain by spanning joint research and development ventures, technology transfer initiatives, and strategic partnerships across IT services, fintech, e-commerce, and renewable energy sectors. By pooling expertise and resources, both nations stand to expedite their technological progressions, thereby unlocking new avenues for growth.
Mentioning the agricultural sector, it is necessary for two sides to exchange best practices on technology transfer and investment in the fields of farming, agribusiness, food processing and agricultural infrastructure, Bien suggested, adding that by capitalizing on each other’s strengths, both nations can bolster agricultural productivity, ensure food security, and cater to the escalating demand for high-quality food products both domestically and internationally.
For the energy sphere, he said Vietnam has implemented a range of measures and made remarkable strides in promoting sustainable energy initiatives, including supportive policies, capacity building efforts, and infrastructure development.
The country also actively seeks international collaboration, and India stands as a promising partner in this endeavor. India’s expertise in renewable energy technologies presents valuable opportunities for collaboration. India can support Vietnam in harnessing the potential of solar, wind, and hydroelectric power generation through technology transfer, knowledge sharing, and joint research and development initiatives.
Regarding tourism, Vietnam and India boast their own strengths and have organized many important promotion events in each other's localities, reflecting their efforts and determination to promote bilateral cooperation between management agencies and tourism businesses. Besides, they are constantly developing unique forms of tourism, matching the needs and tastes of each other's tourists.
The development of air connectivity between the two countries has experienced significant growth in recent years, catalyzing their tourism collaboration, Bien said, elaborating that since the inauguration of the first-ever direct flights connecting Hanoi and Ho Chi Minh City with New Delhi in 2019, there has been a remarkable expansion in-flight connectivity. Currently, there are up to 70 direct flights per week between the two countries, showcasing the increasing demand for travel and tourism between the two countries.
Source: VNA