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Businesses seek out opportunities in India A seminar was held in HCM City on October 31 to examine the impact and opportunities for Vietnamese businesses in India after the ASEAN-India Free Trade Agreement was implemented over two years ago.

The event was co-organised by the HCM City Department of Industry and Trade, the Vietnam Institute of Development Studies and India’s Consulate General.

According to experts, the ASEAN-India Trade in Goods (AITIG) has created favourable conditions for Vietnam to establish broader political and trade relations with India, including a new taxation scheme to increase its competitive edge, reduce input costs and attract Indian investment.

Meanwhile, India is committed to reducing import tariffs on key Vietnamese commodities such as garments, footwear, wood products, seafood, coal, rubber and steel.

Currently, issues such as local taxes, anti-dumping lawsuits and trade disputes have prevented enterprises from seeking and establishing partnerships.

However, Tran Quang Huy, a senior official from the Ministry of Industry and Trade, said that to overcome technical tariffs and seize opportunities with Indian partners, Vietnamese enterprises should participate in trade fairs and exhibitions, introduce their goods into supermarket chains and expect to allocate funds for advertising goods direct to consumers.

In addition, they should focus on well-known export items such as rubber, wood products, ceramics, agricultural products, canned fruits, various types of spices, and processed food.

At the seminar, India’s Consul General Abhay Thakur called on Vietnamese businesses to invest in fields such as construction, telecommunications, energy, transportation, car manufacturing, retail distribution, and consumer food.

India also shows strong demand for agricultural materials, wood pulp and iron ore, he said.

(VOV)

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