India – a good back up market for Vietnam in difficulty?
In the situation of Covid-19 epidemic, Vietnam needs more markets out of China, S.Korea to solve the issues like shortage of raw materials, chemicals, pending agro-products for export. Then, India becomes a reliable candidate to fill the gap.
Vietnam is now the fourth largest trading partner in ASEAN of India, especially in the fields of pharmaceuticals, building materials and chemicals. While, India also focus in to the areas of renewable energy, IT, mineral exploration, agro-processing, agro-chemical in Vietnam market. Vietnam and India should enhance cooperation in advantageous fields of each country to realize the trade turnover target of US$15 billion in 2020,
Vietnam has emerged in the trade with India, with a population of more than 1.3 billion people since the AIFTA (The ASEAN India Free Trade Agreement) effective on 1st Jan 2010 to reduce tax/duty on almost of 90% of the products.
Currently there is no direct flight between Vietnam and India, only Jetairway flights from Ho Chi Minh City to Mumbai and New Delhi, in transit through Bangkok is a good start. We are hoping that Vietnam Airlines and Vietjet would soon open direct flights, thus facilitating bilateral economic cooperation in the time ahead. This could add much value to airfreight mutually.
So far, Voltrans has connection with some big partners in India for years and look forward to take part in the movement of cargo between the two countries.