"Vietnam Targets $20B Trade with India, Seeks Stronger Economic Ties"

**India-Vietnam Aim for 30% Trade Growth to Reach -$20 Billion Target**

India and Vietnam are aiming to boost bilateral trade by at least **30%**, targeting **-$20 billion annually**, up from the current level of **-$15 billion**, according to **Vietnamese Ambassador to India, Nguyen Thanh Hai**. Speaking at the **Bharat Chamber of Commerce in Kolkata** on Monday, the ambassador emphasized that the present environment is **highly conducive** for enhancing trade and investment between the two nations.

> "We would like to achieve a target of -$20 billion. We need to work with India on trade and investment," Hai said, highlighting untapped potential.

### Strategic Ties with Room to Grow

Bilateral trade reached **-$15 billion in 2024**, but Ambassador Hai pointed out that this figure accounts for only **2% of the total trade volume** of either country — a clear indication of **immense growth potential**. He stressed that India was one of the **first countries with which Vietnam established a Strategic Partnership**, which was further elevated to a **Comprehensive Strategic Partnership in 2016** during Prime Minister Narendra Modi’s visit to Vietnam.

The ambassador noted that recent high-level meetings — such as the one between PM Modi and his Vietnamese counterpart at the **BRICS summit in Brazil** — provide essential diplomatic momentum and policy direction.

### Addressing Regional Trade Concerns

While India-Vietnam trade has been consistent, **concerns have emerged in India** over the possibility of **China using Vietnam as a backdoor** to access Indian markets. Addressing this, Hai clarified that Vietnam’s trade policies aim to expand commerce **with all nations** and that the country plays a critical role in **regional and global supply chains**.

### Vietnam’s Broader Trade Vision

Referring to Vietnam’s recently signed **bilateral trade agreement (BTA) with the United States**, Hai said such partnerships help **strengthen domestic industries**. "Each time we’ve joined a free trade agreement, there were challenges. But we overcame them and benefitted both businesses and people," he said.

### Investment and Industry Expansion

Beyond trade, Vietnam is actively seeking **investment opportunities in India**, especially in **electric vehicles, petrochemicals, and manufacturing**. A major step in this direction is **VinFast’s planned -$500 million investment** to set up an EV manufacturing plant in India, with product launches expected in the coming months.

### Strengthening Bengal-Vietnam Trade

Hai also called for a focused effort to boost **trade between Bengal and Vietnam**, noting the **availability of direct air and shipping routes** to Kolkata as a valuable asset that can be leveraged for expanding commercial ties.

Vietnam’s growing interest in India, backed by strategic partnerships and industrial investments, signals a new phase of **economic collaboration** that could significantly benefit both countries in the years ahead.