Vietnam trade team here to study India’s export credit system

July 30th, 2008 - 8:18 pm ICT by IANS  

Mumbai, July 30 (IANS) A high level trade delegation from Vietnam has come here to study India’s export credit system and explore ways to boost trade and investments between the two countries. The leader of the 12-member delegation, Pham The Dzung, Director-General of Import-Export Department of the Vietnamese Ministry of Industry & Trade, said the two-way trade between the two countries crossed the $1 billion mark last year and is growing strongly.

Explaining the phase of high inflation affecting Vietnam, Dzung said his country’s government had taken several measures to curb the trend. He was speaking at a meeting organised by the Indo-Vietnamese Chamber of Commerce & Industry (IVCCI) and the Indian Merchants Chamber (IMC) here Tuesday evening.

“Despite the ill-effects of inflation, Vietnam has been able to achieve exports to the tune of $30 billion till July 2008, which speaks volumes about my country’s success story. During the same period, Vietnam imported goods and services worth $52 billion,” he said.

Vietnam consul-general in Mumbai Nguyen Viet Hung referred to the keen desire expressed by Vietnam President during his visit to India in 1999 for further strengthening the trade and investment relations between the two countries.

Hung admitted that Indian exporters have been complaining about “lack of attention to their needs” by their Vietnamese counterparts. He assured the consulate would try to address such complaints satisfactorily if they were brought to its notice.

Responding to a query, Deputy Director-General at the Asia Market Department, Tran Quang Huy said that Vietnam planned to set up an information technology park soon in that country. The country’s IT industry, based mainly in Hanoi and Ho Chi Minh cities, notched up a turnover of $300 million last year, he said.

Discussing business relations with its two neighbouring economic giants, Japan and China, Head of Vietnam Trade Office in New Delhi and commercial counsellor, Nguyen Tuan Quang, said Vietnam-Japan two-way trade amounted to $12 billion last year, and both imports and exports were more or less balanced. Japan was also a major investor in the infrastructure and tourism sectors of Vietnam.

However, Quang pointed out that Vietnam’s two-way annual trade turnover with China was around $10 billion, and it was largely in favour of China.

IVCCI president Kamal Seth said business activities are booming in Vietnam, particularly in the food sector. “With an inflow of $18 billion through foreign direct investment and a per capita income of $840, Vietnam offers enormous potential for Indian businesses to exploit opportunities,” he said.

IMC vice-president Gul Kripalani also addressed the gathering held at the IMC building.

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