This information was unveiled during a working session held as part of the Partnership Summit 2021, co-hosted by the Ministry of Commerce and Trade of India and the Confederation of Indian Industry (CII) on December 14.
The function was attended by numerous representatives from relevant Vietnamese ministries and leaders of some Indian businesses operating in Vietnam.
Addressing the event, Vietnamese Deputy Minister of Industry and Trade Do Thang Hai emphasised that India is one of Vietnam’s top ten trading partners, while Vietnam is India's 17th largest trading partner globally and its fourth largest in Southeast Asia.
Bilateral trade between the two countries has also tripled over the past decade, rising from US$2.7 billion in 2010 to over US$10 billion in 2020.
Most notably, despite the negative impact on global trade demand caused by the COVID-19 pandemic, trade exchanges between both sides have increased by 40% to gross nearly US$11 billion during the initial 10-month period.
At the event experts made assessments about joint trade relations, and highlighted potential fields of co-operation between the two countries.
The working session was held one day ahead of the December 15-19 India visit by Vietnamese National Assembly Chairman Vuong Dinh Hue, which clearly demonstrates the keen interest both sides have in elevating bilateral ties, especially trade relations, in the near future.