October 21, 2011 (Powerhomebiz.com) With Vietnamese President Truong Tan Sang visiting India last week, both countries are eyeingcloser business ties and mutually benefiting from the growth in the economiesof each of the nations. Both India and Vietnam have one of the fastest growingeconomies in the world with bilateral trade of about US $4 billion. However,with renewed focus on business ties between the two countries, there is atarget of achieving trade of US $7 billion within the next three to four years.
According to IndiaCompanySetup.com, both India and Vietnam can greatly benefit if there is closer co-operation between the two countries. India presents one of the biggest markets for Vietnamese companies while exports from India to Vietnam are expected to rise exponentially in the near future. With a modernization drive currently being implemented in Vietnam; India can play an important role in various sectors inthe country. This includes information technology, oil and gas industry and the manufacturing sector in Vietnam.
Although the two countries have always shared extremely friendly relations, bilateral trade between India and Vietnam could have been much more than what it is right now. As per IndiaCompanySetup.com, this is the right time for both nations to explore opportunities together and Indian businesses would do well if they researched on the Vietnamese markets and made strategic investments.
On the other hand, Vietnamese companies themselves are encouraged to try and have some sort of a business presence in India as they could either source products from the nation or supply essential goods to India as the country’s domestic consumption reaches record highs. Both nations have a need to import various goods and services and hence bilateral trade between the two countries must be taken to the next level for mutual benefit. The just concluded Vietnam-India Business Forum is definitely a step in the right direction and there needs to be more initiatives like these in the near future.
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