Vietnam and India have identified garments and textiles as one of the important areas of potential growth in bilateral trade. On the occasion of a State visit to Vietnam by Indian President Pranab Mukherjee, both nations issued a joint communiqué, which said that the Indian and Vietnamese leaders agreed to enhance the economic partnership and strengthen the trade and investment linkages between the public and private sectors of both countries, including forging joint ventures.
Both the sides welcomed the strong growth in bilateral trade in recent years and urged business to further expand and diversify trade to achieve the bilateral trade target of US$ 15 billion by 2020. They identified tourism, garments and textiles, pharmaceuticals and agriculture as important areas of potential growth in bilateral trade.
The leaders agreed to strengthen and deepen bilateral cooperation on the basis of the Strategic Partnership with focus on political, defence and security cooperation, economic cooperation, science and technology, culture and people-to-people links, technical cooperation and multilateral and regional cooperation.
Several agreements were signed between the two countries in the presence of President Mukherjee and President Truong Tan Sang of Vietnam. These included an agreement on cooperation and mutual assistance in customs matters between the two governments; Dollar Credit Line Agreement between the Government of Vietnam and EXIM Bank of India; and a MoU on operating and jointly promoting direct air services between Vietnam Airlines (Vietnam) and Jet Airways (India).
