Prime Minister asks India to further promote bilateral trade

Prime Minister Pham Minh Chinh suggested the Indian side create maximum conditions for bilateral trade, especially for Vietnam’s electronic products, textiles, and farm produce to enter India during his meeting on April 19 with visiting Speaker of the Indian Lok Sabha (the lower house) Om Birla.

The Vietnamese government leader affirmed that Vietnam always welcomes and creates favourable conditions for Indian businesses to boost investment in pharmaceuticals, infrastructure, processing and manufacturing, information and biotechnology, renewable energy, high-tech agriculture, and innovation in Vietnam.

He noted that despite the complicated developments of COVID-19, two-way trade between Vietnam and India recorded a strong growth of 37 percent year-on-year in 2021, reaching more than 13.2 billion USD.

The two sides should continue to maintain cooperation mechanisms, including the inter-governmental committee mechanism; and further promote collabration in defence - security, culture, tourism, education and training, digital transformation, energy transformation, response to climate change, and maritime and oil and gas cooperation, PM Chinh stressed.

For his part, the Indian parliament leader wished to boost trade and economic ties between the two countries, towards lifting the two-way trade to 15 billion USD as soon as possible.

Indian investors have high expectations for investment in Vietnam, he said, adding that India will continue to help Vietnam in improving the quality of human resources, and restoring and preserving cultural heritages.

The two leaders compared notes on international and regional issues of common concern, including the East Sea/South China Sea issue, saying that disputes should be settled by peaceful measures based on international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS). They emphasised the importance of full implementation of the Declaration on the Conduct of Parties in the East Sea (DOC) and the building of an effective and substantive Code of Conduct in the East Sea (COC) to ensure navigation and aviation freedom, security, and safety in the East Sea.