Hope to achieve US$15 bn bilateral trade target by 2020: Vietnamese Dy. PM 2nd Meeting of the India-Vietnam Joint Sub-Commission on Trade held in Hanoi

Shri Rajeev Kher, Secretary, Ministry of Commerce, Government of India led a delegation consisting senior officials from the Ministries of Commerce, Textiles and the Department of Pharmaceuticals along with export promotion councils and companies from the textiles, pharmaceuticals, engineering, agriculture and leather sectors to Vietnam from 19-21 January 2015. Commerce Secretary co-chaired the 2nd Meeting of the India-Vietnam Sub-Commission on Trade with Vietnamese Vice Minister of Industry and Trade H.E. Mr. Cao Quoc Hung on January 20, 2015 in Hanoi.

 At the meeting, both sides reviewed the progress made since the first meeting and discussed measures to enhance cooperation in textiles, pharmaceuticals, agri-trade, investment, services and so on. The discussions focused on implementing decisions taken during Prime Minister of Vietnam H E Mr. Nguyen Tan Dung’s visit to India in October 2014 wherein both Prime Ministers agreed to enhance economic and trade cooperation as a strategic objective.

 Deputy Prime Minister Hoang Trung Hai, while meeting the delegation, expressed his pleasure at the blossoming of trade and economic relations and his confidence that both sides would be able to achieve the target of bilateral trade of US$15 billion by 2020. He noted that there is great potential for trade and investment cooperation in textiles, agriculture, pharmaceuticals, leather, energy and oil and gas, and invited Indian companies to invest in Vietnam. He also accepted the Indian side’s invitation conveyed by Commerce Secretary to visit India this year.

 The Joint Sub-Commission on Trade was established in 2013 between India and Vietnam with an objective to boost bilateral trade and economic cooperation. The first meeting was held in November 2013 in New Delhi.

 Shri Kher also met Vice Minister of Agriculture and Rural Development H E Mr. Vu Van Tan, Vice Minister of Health H E Mr. Pham Le Tuan and senior officials of the Drug Administration of Vietnam. He called on Deputy Prime Minister of Vietnam H E Mr. Hoang Trung Hai in Hanoi and Vice Chairman of the Ho Chi Minh City Peoples Committee H E Mr. Le Manh Ha in Ho Chi Minh City.

 The delegation also visited Ho Chi Minh City on January 21 to attend a business-to-business event jointly organized by both governments, with participation of around 100 companies from both sides.