Friday, 24/02/2023 11:35 (GMT+7)
A teleconference was organized by the Vietnam Trade Office in India, in collaboration with the National Investment Promotion and Facilitation Agency of India (Invest India) and the Federation of Indian Export Organisations (FIEO) on February 22 to boost business cooperation opportunities in farm produce and processed food.
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| Vietnamese Ambassador to India Nguyen Thanh Hai speaks at the event. (Photo: VNA) |
Speaking at the event, Vietnamese Ambassador to India Nguyen Thanh Hai said that the food processing sector accounts for 32% of the total food market and 14% of the manufacturing industry’s GDP of India. The sector is expected to draw US$33 billion in investment in the next decade.
India, which has a population of over 1.4 billion people, is a promising market for Vietnam’s farm produce and processed food. Meanwhile, several kinds of India’s farm produce and processed food are likely to be sold well in Vietnam such as seafood, chili, spices, fruits and vegetables, he added.
According to Le Thanh Hoa, Deputy Director of the Agro Processing and Market Development Authority under the Vietnamese Ministry of Agriculture and Rural Development, during 2021-2022, Vietnam’s farm produce exports to India reached US$351 million, accounting for 1.3% of India’s total farm produce imports, a modest figure.
General Secretary of the Vietnam Fruit and Vegetables Association (Vinafruit) Dang Phuc Nguyen said more Vietnamese farm produce target meeting VietGAP and GlobalGAP standards.
He suggested both nations open their markets for fruits and vegetables and sign bilateral trade deals to facilitate trade in farm produce.
Vietnamese Commercial Counselor in India Bui Trung Thuong desired that firms would continue joining trade exchange and market introduction programs, particularly the upcoming event with the India state of Kerala on March 8 in the fields of agriculture, seafood and services.
In terms of agro-forestry-aquatic product trade, Vietnam is running a deficit with India, with US$473.8 million in 2021 and US$687.73 million in 2022./
BTA