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The Vietnamese Government Believes That The Prospects For India'S Export Market Are Considerable.

2011/5/23 15:31:00 69

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May 20th reported that India is one of Vietnam's ten largest trading partners.

Trade

The amount is increasing.

According to the statistics of the General Administration of customs, the bilateral trade volume has increased by 20% in recent years, especially in 2010, an increase of 25%, about 2 billion 600 million US dollars, which is much higher than that of 2006 and US $50 million in the middle of 80s.

In the first quarter of 2011, Vietnam India bilateral trade reached 1 billion US dollars, an increase of 50% over the same period, of which 292 million US dollars were exported and 708 million US dollars were imported.

The more goods exported to India include coffee, rubber, machinery and equipment, spare parts, computers, electronic products and accessories.

Livestock feed ingredients are still the main commodities imported by Vietnam from the India market, reaching 253 million US dollars in the first quarter of 2011, an increase of 60% and cotton imports of US $58 million 600 thousand, an increase of 52.6% over the same period last year.

Vietnam's business counselor in India said Vietnam has great potential to expand exports to India: India has a population of 1 billion 200 million, of which 400 million is the middle class, and the rest of the middle and low income groups have similar demand for consumption.

Vietnamese enterprises can develop rich customer resources and diverse markets.

But at present, Vietnamese goods still lack popularity and main export products among consumers in India.

Currently on India

trade deficit

One of the most striking reasons is that many of the India businessmen who visit Vietnam to explore the market and seek cooperation are few, but Vietnamese entrepreneurs are rarely in India.

India entrepreneurs set up chambers of Commerce in Vietnam and set up more than 80 offices, more than 50 of which are located in Hu Zhiming city.

On the contrary, Vietnamese entrepreneurs have not yet tasted the sweetness of the India market.

Ruan Chengbian, Vice Minister of Vietnam's Ministry of industry and trade, said that there are many favorable conditions for further expansion of India's exports.

First, the ASEAN India free trade agreement (AITIG) came into force in January 1, 2010, which is beneficial to Vietnam's producers.

cost

Purchasing raw materials, increasing production capacity and competitiveness of commodities; two, the recent entry of many Vietnamese commodities into the India market has already indicated that Vietnam's exports to India are undergoing active and stable changes. Three, India acknowledges that Vietnam's full market economy status will lay a more solid foundation for the trade and investment activities of the two countries. Four, India's preferential tax reduction for 3 years, which is specifically provided for Vietnam, is also an opportunity for enterprises of both countries (the highest commodity tariff in 2010 was 18% of ASEAN's origin commodities, which fell to 0-5% in 2018).

To bring these advantages into full play, Vietnamese enterprises should strengthen market research, find partners and understand customs procedures in detail.

Promote direct contacts between enterprises and enterprises, set up offices and branches in India, and actively promote trade promotion activities in this market.

Ruan Cheng Bian also said that Pakistan shark will become Vietnam's main export of aquatic products to India, steel, building materials, machinery needs.

In the field of tourism, if India and Vietnam open direct flights, they can absorb 40-50 000 tourists a year in India.