Viet Nam, India look to strengthen economic ties
NEW DELHI — Viet Nam and India should develop a comprehensive economic co-operation model, design long-term co-operation policies and create more opportunities for their businesses to interact.
These were agreed by experts at a seminar on Indian economy and Viet Nam-India economic ties held by the Vietnamese Embassy in New Delhi, India Wednesday.
Bilateral relations between the two hinges on economic co-operation and both countries were experiencing rapid development of their economies, experts said.
Viet Nam and India have signed many agreements on economic development, including treaties on trade, investment promotion and protection, double-tax avoidance and co-operation in science and technology, aviation and tourism.
Although two-way trade increased from US$50 million in 1991 to $667 million in 2004, it was still modest, representing only 1 per cent of Viet Nam’s total trade turnover and 0.4 per cent of India’s.
The two countries have also reached agreements on co-operation in bio-technology, information technology, computerisation and nuclear energy.
India has invested $45.4 million in 10 projects in Viet Nam, focusing on sugar and cooking oil production, oil and gas industry, pharmaceutical and plastic industries. The country now stands 35th among 70 countries and territories investing in Viet Nam. — VNS