The Hindu Business Line : More bilateral ties with Vietnam in information tech, pharma sectors

India and Vietnam on Monday explored the possibility of boosting bilateral trade volume, besides strengthening bilateral co-operation in investment, particularly in sectors such as information technology and pharmaceuticals.

This was decided at a meeting here between the Union Commerce & Industry Minister, Mr Kamal Nath, and the visiting Minister of Industry of Vietnam, Mr Hoang Trung Hai, when the latter accompanied by a delegation called on Mr Nath. India's trade with Vietnam has almost doubled in three years — two-way trade increased to $817.68 million from $448.65 million in 2003-04. Both the Ministers expressed satisfaction at the significant uptrend in bilateral trade and noted that the volume of trade would increase further with the conclusion of the Free Trade Agreement with ASEAN (Association of South East Asian Nations) of which Vietnam is a member.

During the current fiscal too, bilateral trade is progressing well as trade during April-July 2006-07 was of the order of $310.69 million, comprising $251.65 million of India's exports to Vietnam and $59.04-million worth of imports from Vietnam.

India's major items of exports to Vietnam include oil meals, drugs, pharma and fine chemicals, primary and semi-finished iron and steel, plastic and linoleum products and inorganic/organic and agro chemicals. Imports include spices, coal, coke and briquettes, organic chemicals and electrical machinery except electronic and other commodities.

An official release issued here said Indian investment in Vietnam include one from KEC for manufacturing components for transmission towers and the Nagarjuna International Sugar Plant, while ONGC was the first foreign company in Vietnam to have signed production sharing agreement with Petro Vietnam in 1988.