Trading between Vietnam and India in 2022 reach $15.05 billion, up 13.6% from 2021, according to the General Department of Vietnam Customs.
Three new-generation agreements, including EVFTA, CPTPP, and RCEP, are projected to make significant contributions to import and export, which play an important role in the Vietnamese economy.
According to two recent surveys, more foreign firms have begun or are contemplating shifting a section of their business from China to neighboring nations such as Vietnam and India, SCMP reported.
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Textile, garment, and footwear had remarkable export turnovers of $44 billion and $27 billion, respectively, according to Vietnam Textile and Apparel Association (Vitas) and Vietnam Leather, Footwear and Handbag Association (Lefaso).
The overall trade value between Vietnam and India reach $15.05 billion in 2022, up 13.6% from 2021, according to the General Department of Vietnam Customs.
The export turnover of wood and wood products is expected to set a record high of $18 billion in 2023, with wood pellets and woodchips forecast to enter the one-billion USD club.
Analysts expect the central bank to bring Vietnam’s foreign exchange reserve back to the $100 billion this year after selling the U.S. dollar in the last few months to contain its surge.
Vietnam's economy will gain in 2023 as businesses in China begin to progressively recover as pandemic-related restrictions ease.
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