A new direct flight route between Da Nang, Vietnam, and Ahmedabad, India, was inaugurated at the Vietnam-India Business Forum in New Delhi. The event, jointly organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) and the Vietnamese Embassy in India, also saw the signing of nine Memorandums of Understanding (MoUs) aimed at boosting trade and investment between the two nations.

Key MoUs included partnerships between Invest Global and Crescendo Worldwide, ARTIA, GCCI, and FII to promote trade and investment. Sovico and the Adani Group agreed on collaborations in aviation and airport logistics, while T&T Group and Ramky Group will focus on waste treatment plants and pharmaceutical industrial parks. Another notable agreement was between Vietnam Airlines and Innovations India to collaborate on the film “Love in Vietnam” and the Namaste Vietnam Festival 2024.

Union Minister of State for Commerce and Industry, Jitin Prasada, emphasized the significance of strengthening economic ties between India and Vietnam. He highlighted ongoing trade negotiations in the Indo-Pacific Economic Framework (IPEF) and the review of the India-ASEAN Trade in Goods Agreement, expected to conclude by 2025. Prasada also noted India’s recent role as the guest of honor at the 33rd Vietnam International Trade Fair in Hanoi as evidence of deepening economic cooperation.

Vietnamese Prime Minister Pham Minh Chinh set a target of $20 billion in bilateral trade, urging Indian businesses to invest in infrastructure, digital technology, and pharmaceuticals. He noted that Vietnam sources 33% of its pharmaceuticals from India and expressed a strong interest in developing a robust pharmaceutical ecosystem. Currently, India-Vietnam bilateral trade stands at $14.8 billion.

Source: CNBC TV 18