Indian Companies Explore Collaboration Opportunities with Vietnam

During the Vietnam Foodexpo 2023, an Indian business delegation organized by the Vietnam Trade Office in India, in coordination with the Indian Chambers of Commerce and Industry (FICCI) and the Federation of Indian Export Organizations (FIEO), attended the event.

Vietnam Foodexpo 2023 is being held at the Saigon Exhibition and Convention Centre (SECC) in Ho Chi Minh City from November 22-25. The event showcases over 500 booths from nearly 400 domestic and international enterprises, including businesses from 30 Vietnamese cities and provinces, as well as over 20 countries and territories like the US, Russia, Australia, China, the Republic of Korea, and Japan.

Vietnam Foodexpo 2023: Indian Businesses Seek Cooperation Opportunities with Vietnam
The Vietnam Trade Office in India has coordinated the organization of an Indian business delegation to attend Vietnam Foodexpo 2023. Source: congthuong.vn

According to Bui Trung Thuong, Vietnamese Trade Counselor in India, the Indian business delegation consists of more than 30 participating businesses, with over 20 businesses organizing exhibition booths at the expo and 14 businesses participating in the exhibition as international buyers and visitors.

During Vietnam Foodexpo 2023, Indian businesses are displaying products that Vietnam needs to import to serve the domestic manufacturing industry, such as raw materials and accessories for animal feed production, rice, corn, peanuts, cereal products, frozen meat, and spices.

India is currently the leading producer and exporter of agricultural products and also imports a large quantity of agricultural products and processed foods to meet domestic demand. The participation of Indian businesses aims to provide a reliable source of supply for Vietnamese businesses for products like rice, corn, raw materials for animal feed production, and buffalo meat, said Commercial Counselor Bui Trung Thuong.

Moreover, the event also serves as an opportunity for Vietnamese businesses to connect with buyers from India for Vietnam’s high-potential processed food products.

Vietnam Foodexpo 2023: Indian Businesses Seek Cooperation Opportunities with Vietnam
This is an opportunity for Vietnamese businesses to connect with buyers from India for Vietnam’s high-potential processed food products. Source: congthuong.vn

The Vietnam Trade Office in India emphasized that trade plays a vital role in bilateral relations between the two countries and has steadily grown over the past two decades. Bilateral relations have increased from around USD 200 million in 2000 to USD 15 billion in 2022. For the first 10 months of 2023, export turnover from Vietnam to India has experienced positive growth, reaching USD 7 billion, a nearly 5% increase compared to the same period in 2022.

As a result, India has become one of Vietnam’s top eight trading partners, while Vietnam is among the top four ASEAN countries that have trade relations with India.

“Bilateral trade between the two countries is relatively balanced and complements each other quite well,” said Bui Trung Thuong. He added that India is an important source of raw materials and finished products for Vietnam, including iron and steel products, chemicals, pharmaceuticals, textiles, animal feed, and seafood. On the other hand, Vietnam’s top export products to India include personal computers, mobile phones and components, iron and steel, chemicals, wood and wood products, shoes, spices, coffee, and pepper.

Last week, the Consulate General of India in HCM City, in coordination with the Investment and Trade Promotion Centre of HCM City (ITPC), organized the India Business Forum – HCM City 2023.

As of October 2023, India has 237 investment projects in HCM City with a total capital of over USD 130 million, ranking 23rd among 120 countries and territories investing in the city.

Hannah Nguyen

The post Indian Companies Explore Collaboration Opportunities with Vietnam appeared first on Vietexplorer.com.

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