India, Vietnam Trade to Touch $15 Bn by 2020

Published: 21st January 2015 01:24 PM  |   Last Updated: 21st January 2015 01:24 PM   |  A+A-


NEW DELHI: Seeking cooperation and investments in sectors like textiles, agriculture, pharma and energy, Vietnam has expressed confidence in achieving the bilateral trade target of USD 15 billion by 2020 with India.

The two-way commerce between the countries stood at USD 8.03 billion in 2013-14.

Deputy Prime Minister Hoang Trung Hai, while meeting the Indian delegation in Vietnam "expressed confidence that both sides would be able to achieve the target of bilateral trade of USD 15 billion by 2020".

He said their exists great potential for trade and investment cooperation in sectors including textiles, agriculture, pharmaceuticals, leather, energy and oil and gas.

Commerce Secretary Rajeev Kher was leading a delegation to Vietnam.

Senior officials from the Ministries of Commerce, Textiles and the Department of Pharmaceuticals along with export promotion councils and businessmen have accompanied Kher. The three day visit would end today.

Kher co-chaired the meeting of the India-Vietnam Sub-Commission on Trade with Vietnamese Vice-Minister of Industry and Trade Cao Quoc Hung yesterday in Hanoi.

"At the meeting, both sides reviewed the progress made since the first meeting and discussed measures to enhance cooperation in textiles, pharmaceuticals, agri-trade, investment, services and so on," an official statement issued today said.

The commission was established in 2013 between India and Vietnam with an objective to boost bilateral trade and economic cooperation.

Vietnam is part of the Asean bloc with which India has signed a free trade agreement.

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