Indian, Vietnamese businesses promote cooperation in building materials sector
Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch (VCCI-HCM) in cooperation with Emerald Worldwide Connections Company (India), a professional organizer of international exhibitions of building materials, organized the event “Vietnam-India Buyer Seller Meet in ceramic tiles and sanitary ware” in Ho Chi Minh City.
The B2B meeting held on August 23 attracted the attendance of 10 Indian companies and 40 Vietnamese companies in the field of building materials and sanitary ware.
The event created a bridge for trade promotion, opened up new opportunities for exchanges and cooperation for businesses of the two countries in the field of building materials and sanitary ware.
The meeting introduced Indian ceramic building materials products to the Vietnamese market. This is also an activity in roadshows to promote the exhibition specialized in building materials, ceramic and bathroom products - Ceramics & Bath Industry Show (CBIS) (scheduled to be held in Mumbai, India in January 2023). CBIS is expected to welcome more than 3,000 visitors from the globe.
The B2B meeting connected many Indian and Vietnamese businesses
Nguyen Huu Nam, Deputy General Director, VCCI-HCM, said: “After more than 2 years of disconnection caused by Covid-19, today businesses of the two countries have the opportunity to interact directly with each other. I hope, the event today will provide Vietnamese businesses with useful information about products, markets and incentives for Vietnamese companies to attend CBIS exhibition in India. Besides, the B2B business networking session will bring many opportunities to find new partners and strengthen business relationships for companies of both sides in building materials in the near future.”
India is among the top 10 trading partners of Vietnam while Vietnam is considered an important country in India's "Look East policy", which is reflected in the multilateral cooperation between the two countries in recent years.
Bilateral trade between Vietnam and India in 2021 reached 13.2 billion USD, up 36.6 percent compared to 2020. In which, India exported to Vietnam US$6.95 billion (up 2.5 billion USD, equivalent to 56.7 percent compared to 2020), Vietnam exported US$6.26 billion to India (up US$1 billion, equivalent to 19.6 percent compared to 2020). The main export items of Vietnam to India include: phones and components; computers, electronic products and components; rubber; footwear; textiles; pepper; bamboo and rattan handicraft; cashew; coffee; wood and wood products; … In the opposite direction, India's key exports to Vietnam include: iron and steel; corn; cotton; seafood; gemstone; feedmeal; medicine; textile fiber.
As of June 20th, 2022, India ranked 24th out of 139 countries and territories investing in Vietnam with 328 projects with a total registered capital of over US$1 billion.