Vietnam’s Ministry of Industry and Trade recently forecast that Vietnam’s total import and export value for the year 2021 may reach $640 billion to $645 billion. The government ascribed this to the business community's efforts to overcome pandemic-related production challenges, particularly in the leather, textile, and garment industries.
Domestic firms can restore a growth rate similar to before the epidemic by the end of the year, according to the government. Telephone, electronics, machinery, and accessories, which have traditionally been strong export sectors, are expected to expand by 15-25 percent this year, according to the report.
However, the ministry said that firms face significant challenges, including a labor scarcity, particularly in southern areas, as well as a paucity of production supplies, high logistical costs, and limits imposed by COVID-19 preventive and control measures.
New Delhi, December 18 (KNN) – India and Vietnam have inked 12 agreements to strengthen trade and investment ties.
According to United News of India, it has reached an agreement in the fields of public health, pharmaceutical materials, medication and vaccine manufacturing, oil and gas, information technology and technology transfer, education, and tourism.
Vietnam Imports from India
Data of Vietnam imports suggest that steel & iron, pharmaceuticals products, meat & edible meat offal, electrical & electronic equipment, plastics, aquatics invertebrates, mollusks, fish & crustaceans, organic chemicals, tramway & vehicles other than railway, oleaginous fruits, seed, oilseeds, grain & fruits, and, animal fodder, waste of food industry & residue were the top imports of Vietnam from India according to Vietnam imports data 2020.
Vietnam top imports from India | Value in USD ($) | Reference Year |
Steel and iron | $1.14 Billion | 2020 |
Pharmaceuticals | $260.56 Million | 2020 |
Meat and edible meat offal | $284.32 Million | 2020 |
Electrical and electronic equipment | $247.01 Million | 2020 |
Plastics | $172.86 Million | 2020 |
Aquatics invertebrates, mollusks, fish & crustaceans | $228.18 Million | 2020 |
Organic chemicals | $150.87 Million | 2020 |
Tramway & vehicles other than railway | $158.30 Million | 2020 |
Oleaginous fruits, seed, oilseeds, grain & fruits, | $160.88 Million | 2020 |
Animal fodder, waste of food industry & residue | $145.59 Million | 2020 |
Vietnam Export to India
As per Vietnam Customs Export Data, Vietnam top exports to India in the year 2020 were copper, boilers, machinery & nuclear reactors, electrical & electronic equipment, spices, mate, tea & coffee, articles of steel & iron, rubbers, plastics, steel & iron, precious metal compound, inorganic chemicals & isotope, and gaiters & footwear were the top exports of Vietnam to India.
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