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Trade relations between Vietnam and India

by hptoancau / Friday, 18 October 2019 / Published in Specialized text, Vietnam - India

Trade relations between Vietnam and India

India and Vietnam, with historical roots in the common struggle for liberation from colonial rule and the national struggle for independence, share traditionally close and cordial bilateral relations. India initially maintained Consulate-level relations with the then North and South Vietnam and established full diplomatic relations with unified Vietnam on 7 January 1972.

Relations between the two countries were elevated to the level of ‘Strategic Partnership’ during the visit of Prime Minister Nguyen Tan Dung to India in July 2007. In Sep 2016, during Prime Minister Narenda Modi’s visit to Vietnam, the relations were further elevated to a “Comprehensive Strategic Partnership”

Trade relations between Vietnam and India

The two countries formed various institutional mechanisms for bilateral exchanges

There are many bilateral mechanisms at various levels between India and Vietnam, in which:

Agreement on Trade and Economic Cooperation between India and Vietnam signed on 26 Feb 1978 (and re-new on 08 March 1997), the two countries agree on Most Favoured Nation (MFN) each other.

1982, the two countries formed Việt Nam-India Joint Committee on Economic, Commercial, Scientific, and Technological Co-operation. This is important mechanisms for the development of bilateral cooperation, including building action plan every three years.

07/09/1994: Agreement between The Socialist Republic of Vietnam and the Republic of India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income

08/03/1997: Agreement between the Government of the Republic of India and the Government of the Socialist Republic of Vietnam for the Promotion and Protection of Investments

ASEAN and the Republic of India went into the Framework Agreement on Comprehensive Economic Cooperation on October 8th, 2003. The Parties, on the basis of the Framework Agreement, signed an Agreement on Free Trade in Goods (effective on January 1st, 2010 – effective in Vietnam from 01 June 2010), an Agreement on Free Trade in Services (effective on July 1st, 2015) and an Agreement on Investment (effective on July 1st, 2015) with the aim of establishing an ASEAN – India Free Trade Area.

Vietnam – India Trade Relations through figures

Import – export turnover between the two countries increase rather fast, from 72 million USD in year 1995 to 1 billion USD in 2006 and up to 2,7 billion USD in 2010.

According to the Vietnam Customs, in 2018 import – export turnover between Vietnam and India reach 10.7 billion USD, nearly double that of 2016.

Currently, the two Governments set target to increase bilateral trade turnover to 15 billion USD in 2020.

IMPORT – EXPORT TURNOVER VIETNAM – INDIA

Unit: Million USD

Year 2010 2011 2012 2013 2014 2015 2016 2017 2018

Export

           992         1,554         1,778         2,353         2,460         2,473         2,688         3,755         6,540

Import

        1,746         2,346         2,159         2,882         3,132         2,656         2,710         3,877

        4,150

Total trade         2,738         3,900         3,937         5,235         5,592         5,129         5,398         7,632

     10,690

Trade balance -754 -792 -381 -529 -672 -183 -22 -122

2390

It is noticed that in the past, Vietnam mainly suffer trade deficit with India, however, in 2018, there is big surplus of more than 2.3 billion USD. The main reason is Vietnam enterprise expand export market and due to ASEAN – INDIA FTA, customs duty from Vietnam to India reduce to 0% for many commodities.

Commodity Vietnam export to India in 2018

Commodity

Year 2018 +/- compared with 2017 (%)*
Volumn (Ton) Value (USD) Volumn Value (USD)

Total

6.542.350.652 74,20
Machinery, Tools, Spare parts, … 1.699.169.515

426,86

Computer, electronic products, accessories

800.835.624 63,04

Smartphones and accessories

814.309.611 49,16
Common metal and products thereof 577.960.154

23,49

Chemical 377.436.958

49,55

Rubber

102.921 145.392.197 85,53 60,49

Fibers and yarns of all kinds

33.268 131.115.837 -0,74 7,71
Steel products 187.874.846

170,19

Steels 212.157 174.105.501 32,50

36,95

Means of transport and spare parts

176.350.549 32,57

Shoes

103.678.481 52,68
Cashew 4.772 34.870.903 -14,11

-24,19

Seafood 28.047.179

33,22

Coffee

58.019 95.691.744 35,67 12,05

Tea

868 905.674 -49,94

-56,62

Pepper 20.3 62.629.619 24,83

-20,57

Confectionery and cereal products

842.283 52,58

Animal feed and raw materials

64.269.058 31,59
Coal 100.442 15.099.404 -40,76

-29,73

Chemical products 66.151.865

41,21

Plastic materials

25.842 31.717.272 1,86

9,42

Plastic products

48.191.800

135,91

Products from rubber

10.366.079

75,99

Rattan, bamboo, rush and carpet products

5.635.968

1.579,43

Wood and wood products

46.488.927

-22,80

Textiles

66.061.782

16,35

Textile, garment, leather and shoes materials 72.638.445

18,47

Source: Vinanet

Commodity Vietnam import from India in first 8 months 2019

Commodity 8 month 2019 +/- Compared with same period 2018 (%)*
Volumn (Ton) Value (USD) Volumn Value (USD)
Total 2.815.092.879 -0,24
Seafood 135.374.842 -45,86
Fruits, Vegetables 21.567.288 10,02
Wheat 1.135 325.338 2216,33 1350,39
Corn 1.639 1.366.477 -98,35 -94,32
Animal and vegetable fats and oils 2.559.950 -51,58
Animal feed and raw materials 125.625.578 -0,86
Tobacco raw materials 10.089.569 29,40
Ores and other minerals 138.634 16.654.525 -62,93 -62,26
Other products from petroleum 5.505.382 -23,23
Chemical 124.862.558 23,83
Chemical products 74.459.736 5,59
Pharmaceutical raw materials 47.572.804 1,77
Medicine 163.140.968 -5,66
Fertilizers 1.818 3.272.822 26,25 11,33
Pesticides and raw materials 48.557.902 -9,20
Plastic materials 80.543 96.728.403 -7,28 -17,10
Plastic products 12.370.103 18,75
Rubber products 6.137.020 4,10
Paper 32.081 30.875.433 21,75 1,05
Cotton 84.697 145.045.554 -57,40 -57,31
Fibers and yarns 28.395 66.951.396 -24,53 -29,53
Fabrics 45.508.798 1,54
Textile, garment, leather and shoes materials 66.731.398 -18,58
Precious stones, precious metals and products 88.530.205 -9,73
Steels 957.348 515.775.446 125,91 89,40
Steel product 21.567.231 15,05
Other Common metals 27.076 58.069.783 -8,49 -33,38
Computer, electronic products, accessories 53.941.194 172,97
Machinery, Tools, Spare parts, … 311.336.206 -1,43
Car components, spare parts 118.522.118 17,30
Other commodities 355.520.854

Source: Vinanet

Currently, Vietnam’s special preferential import tariff in period 2018 – 2022 under Asean – India FTA is stipulated in Decree No. 159/2017/ND-CP dated 27 Dec 2017 by Vietnam’s Prime Mister

For details of the Decree No. 159/2017/ND-CP, click Here

For more detailed advice on import procedures from India to Vietnam and export from Vietnam to India and shipping estimates, contact us:

Hp Global Company Limited

Freight forwarder and Customs Brokerage

Room 2308, CT2 Van Khe, La Khe, Ha Dong, Hanoi

Website: hpgloballtd.com/hptoancau.com

Email: info@hpgloballtd.com

Phone: 024 73008608 / Hotline: ++84 8 8611 5726

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