Embassy of India

Hanoi, Vietnam

Embassy of India
Hanoi

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India as Guest of Honour Country in 33rd Viet Nam EXPO 2024

India will be the Guest of Honour Country in the 33rd Vietnam International Trade Fair (Viet Nam Expo 2024) organized by the Ministry of Industry and Trade of the Socialist Republic of Viet Nam from 3-6 April 2024 at the Hanoi International Exhibition Centre, 91 Tran Hung Dao, Hoan Kiem District, Hanoi. The Indian Trade Promotion Organization under the Ministry of Commerce and Industry of India is coordinating the Indian Pavilion comprising of 14 booths exhibiting various Indian products in sectors like communication & electronics, automobile component, waste-water treatment, banking and financing services, agro-processing, consumer goods and infrastructure such as ports and logistics. Indian companies such as M/s Adani Ports & Special Economic Zones Limited, Bank of India, Bharat Electronics Limited, Spark Minda Corporation Limited, Ion Exchange India Limited, Allanasons Private Limited, Marhaba Frozen Foods, Fair Exports(India) Private Limited, KCP Limited, Marico South East Asia Corporation, Tata Coffee Vietnam Company Limited look forward to engaging Vietnamese businesses for exploring further collaboration and opportunities.

2. The bilateral trade between India and Viet Nam is growing in the last few years and it stood at USD 14.36 billion in 2023 where India was Vietnam’s 7th largest trading partner, 7th largest export market and 10th largest import source. India’s major exports to Viet Nam included machinery and equipment, auto components, pharmaceuticals, maize, marine products, metals, animal feed ingredient and chemicals. India’s major imports from Viet Nam were electronic items, mobile phones and accessories, machinery and equipment, steel and metals.

3. India and Viet Nam are among the fastest growing economies in the world. India has become the fifth largest economy of the world with a GDP of USD 4.1 trillion; and with an estimated average 7% GDP growth in the next 4 years. India’s FDI inflow has increased to USD 84.84 billion in the year 2021-22 and maintains a healthy trend.

4. Indian’s economic transformation is driven by reforms, technology, innovation and entrepreneurship. According to the World Bank’s Doing Business Report (DBR), India improved the Ease of Doing Business Ranking to 63rd rank in 2020. India jumped 6 places to Rank 38 in the World Bank’s Logistics Performance Index 2023. India also ranks 13th in the report on protecting minority investors and has improved its performance in resolving insolvency, starting a business or registering a company. India’s flagship programmes such as Make in India, Start-up India, Digital India, the Smart City Mission and Urban Transformation have simplified procedures promoting a favourable investment climate across sectors. Liberalization of FDI policies, particularly in retail, defence, insurance, and single-brand retail trading, tax incentives have strengthened FDI inflows. As of date, India is home to 113 unicorns with a combined valuation of USD 350 billion with over 124,000 government recognized startups in India. 

5. Apart from efforts at the level of Government of India and Viet Nam, enhancing business exchanges particularly on strengths of both economies could help realize potential business opportunities between the two countries. In this context, presence of Indian companies in the Viet Nam EXPO would help in bridging information gap on business opportunities, facilitate business to business contacts and further promote business cooperation activities between the two countries.

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1 April 2024, Hanoi.