udyam

India-Vietnam Trade and Economic Relations

India and Vietnam have a long-standing trade and economic relationship that has steadily expanded over the years. From a modest US$200 million in 2000, bilateral trade grew to US$14.36 billion in 2023, according to Vietnamese figures. Indian data for 2023-2024 shows bilateral trade reached US$14.82 billion, marking a year-on-year increase of 0.76%.

India’s exports to Vietnam totaled US$5.47 billion (a decrease of 7.43%), while imports from Vietnam amounted to US$9.34 billion (an increase of 6.26%). For India, Vietnam is the 21st largest trading partner and the 22nd largest export destination globally. For Vietnam, India ranks as the 7th largest trading partner, the 7th biggest importer of Vietnamese products, and the 11th largest source of imports.

Key Exports from India to Vietnam

Frozen bovine meat
Cereal
Iron and steel
Cotton
Animal fodder and materials
Fishery products
Electrical equipment
Machinery and equipment
Aluminum
Auto components
Chemicals and chemical products
Ordinary metals
Pharmaceuticals and APIs
Gems and jewelry

Key Imports from Vietnam to India

Electronic equipment
Telecom equipment
Machinery and mechanical appliances
Iron and steel
Ordinary metals
Chemicals and chemical products
Articles of plastic
Products of steel
Footwear and garments
Garment and textile materials
Auto components
Wood and wooden products
Rubber
Coffee

Bilateral trade profile for the last few years is shown below.

India’s Investments in Vietnam

India’s investments in Vietnam are estimated at around US$2 billion, including investments routed through third countries. In 2023, India initiated 53 new projects worth a total of US$131.90 million, according to the Foreign Investment Agency of Vietnam. With 392 active projects, India’s total invested capital in Vietnam amounts to US$1.119 billion, ranking 23rd among 144 countries and territories investing in the country. Major investment sectors include energy, mineral exploration, agro-processing, sugar, tea and coffee manufacturing, agro-chemicals, IT, and auto components.

Vietnam’s Investments in India

As of 2022, Vietnam has invested in six projects in India, with an estimated total investment of US$28.55 million. These investments are primarily focused on pharmaceuticals, information technology, chemicals, and building materials.

Buyer seller meet at India

On 16th October 2023 in Delhi and 20th October 2023 in Mumbai, we invited 25 companies to India and organized buyer-seller meetings. With our strong network in Vietnam, Indian buyers had a valuable opportunity to connect with Vietnamese companies, creating a great business prospect.