Vietnam India plans to enhance global south cooperation; E-commerce, IT and semiconductor, Food Processing to power trade to 25 billion dollars by 2030

by Pranita Kurani 

(In the image: From L to R) Mr. Bui Trung Thuong, Trade Counsellor and Head of the Vietnam Trade Office in New Delhi, India ; Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI); Mr. Tran Trong Tuyen, Chairman of the Vietnam E-Commerce Association (VECOM); Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries; H.E. Le Quang Bien, Consul General of Vietnam in Mumbai; Mr. Pham Son Tung, Vice Chairman, HGI Investment and Capt. Somesh Batra, Vice Chairman, MVIRDC World Trade Center Mumbai at the signing of the MoU at the Vietnam-India Business Connect organized by MVIRDC World Trade Center Mumbai

MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI) inks MoU with HGI Investment and Development Joint Stock Company to boost cooperation, facilitation and promotion of digital trade for MSMEs 

“India and Vietnam are entering a new phase of economic cooperation. Mumbai and Ho Chi Minh City, as major economic centres of our respective countries, can play an important role in strengthening this partnership. Connectivity between our countries has expanded significantly over a short span of time showing the willingness on both the sides to expand cooperation. However, considerable potential remains to be realised. Delegations like this are channels to harness the business potential between both the countries” said H.E. Le Quang Bien, Consul General of Vietnam in Mumbai here at the Vietnam-India Business Connect organized by MVIRDC World Trade Center Mumbai which hosted a strong 20-member business delegation from Vietnam.

Mr. Bui Trung Thuong, Trade Counsellor and Head of the Vietnam Trade Office in New Delhi, India, said that the two countries share complementary development ambitions and can collaborate extensively in artificial intelligence, information technology, textiles, food processing and advanced manufacturing where the countries are major global players. “India and Vietnam should create more centres of cooperation in emerging sectors and encourage companies from both countries to develop integrated supply chains. Vietnam's position at the heart of ASEAN and its extensive network of free trade agreements can provide Indian businesses with access to markets well beyond Vietnam.”

He also highlighted the potential for a Vietnam–India industrial ecosystem, cooperation between food-processing hubs and integration of digital payment systems to facilitate cross-border commerce, including possibilities around India's UPI ecosystem, could further improve the ease of conducting business between the two countries.

“India and Vietnam have built a strong relationship based on mutual trust, growing trade and shared economic aspirations. Bilateral trade has reached nearly USD 16.5 billion, but this is only a fraction of our true potential. We must now move towards deeper partnerships in manufacturing, semiconductors, electronics, digital technologies, logistics and food processing. Greater business-to-business engagement, joint ventures and investment can take our economic partnership to the next level,” said Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries.

Dr. Kalantri further added, “The strong complementarities between the two economies should be utilized to double trade in the coming years.  As a competitive South Asian Giant, India is keen to learn many things like special SEZs for manufacturing. Such Vietnam specific parks should be set up in India to boost manufacturing competitiveness and prowess”.  

Mr. Tran Trong Tuyen, Chairman of the Vietnam E-Commerce Association (VECOM), highlighted three priorities for strengthening bilateral digital commerce: expanding two-way trade, helping businesses access each other's markets through e-commerce, and enabling MSMEs to use digital platforms, greater interoperability between payment platforms and software solutions that can operate across both markets.

(In the image: From L to R) Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI); Mr. Bui Trung Thuong, Trade Counsellor and Head of the Vietnam Trade Office in New Delhi, India; Mr. Tran Trong Tuyen, Chairman of the Vietnam E-Commerce Association (VECOM); Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries; H.E. Le Quang Bien, Consul General of Vietnam in Mumbai; Mr. Pham Son Tung, Vice Chairman, HGI Investment and Capt. Somesh Batra, Vice Chairman, MVIRDC World Trade Center Mumbai

Mr. Pham Son Tung, Vice Chairman, HGI Investment highlighted the transformative impact of direct connectivity and Vietnam's rapidly expanding digital economy. “We need more connections and more business between India and Vietnam. E-commerce today is not merely online shopping; it encompasses technology, logistics, software, digital payments and cross-border commerce. When India's capabilities in technology and digital payments are combined with Vietnam's manufacturing base and digital ecosystem, we can create businesses capable of serving markets globally.”

Capt. Somesh Batra, Vice Chairman, MVIRDC World Trade Center Mumbai, proposed the Vote of Thanks and said, “India and Vietnam share a relationship built on trust, friendship and growing economic cooperation. Today’s discussions have demonstrated that there is considerable scope to take this partnership beyond traditional trade towards technology, e-commerce, manufacturing, logistics, investment and stronger MSME linkages.”

The event also saw signing MVIRDC World Trade Center, Mumbai and All India Association of Industries (AIAI) sign Memorandum of Understanding (MoU) with HGI Investments and Development Joint Stock Company to boost cooperation, facilitation and promotion of digital trade for MSMEs in both the countries. The programme brought together a Vietnamese business delegation and Indian enterprises for B2B interactions, providing a platform to explore opportunities in e-commerce, manufacturing, sourcing, technology, logistics, consumer products and investment.