Recently, Khanh Hoa Provincial People's Committee has had many trade promotion activities with India so that enterprises of both sides can find cooperation opportunities. Thereby, expanding the market, bringing Khanh Hoa's strong products to the Indian market.
Recently, Khanh Hoa Provincial People's Committee has had many trade promotion activities with India so that enterprises of both sides can find cooperation opportunities, then expanding the market and bringing Khanh Hoa's strong products to the Indian market.
Much more potential
Currently, India is Vietnam's 7th largest trading partner. Since the two countries became a comprehensive strategic partner in 2016, bilateral trade has surpassed 10 billion USD, and may reach 15 billion USD in 2022.
For Khanh Hoa, in the last 3 years (from 2019 to 2021), the export turnover of goods to the Indian market reached 5.06 million USD; the figure of 2021 was 1.05 million USD, an increase of 21% compared to 2020, accounting for 0.08% of the province's export turnover of goods in 2021. In 10 months of 2022, the export turnover of goods of the province to India reached nearly 394,000 USD, accounting for 0.03% of the province's total export turnover of goods, mainly fabrics (nearly 324,000 USD) and seafood (70,000 USD).
Import turnover from the Indian market into Khanh Hoa from 2019 to 2021 reached 35.4 million USD; the figure of 2021 alone was 13.7 million USD, an increase of 30.7% compared to 2020, accounting for 1.84% of the province's import turnover in 2021. In 10 months of 2022, import turnover from the market India reached 10.94 million USD, accounting for 1.34% of the total import turnover of goods in the province. The main imported products were aquatic materials (more than 85.16%), pharmaceutical raw materials (9.17%), forage, machinery, equipment and other goods.
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Phan Thi Thu Cuc - Deputy Director in charge of the Department of Industry and Trade said that Khanh Hoa's export and import turnover to the Indian market is not much. Therefore, the province's expansion of connection with India, a country with a large population and wide market, will create opportunities for businesses of Khanh Hoa and India to access and cooperate in development in import and export of agricultural products and seafood. In September 2022, the provincial delegation studied the Indian market and seek cooperation opportunities between the two sides. Recently, the Provincial People's Committee has organized promotion activities in import and export so that enterprises of the two sides seek cooperation opportunities and then invite Indian investors to Khanh Hoa to explore opportunities and markets for investment cooperation.
Opportunities for businesses of both sides
Potential to expand the market to India is still very large. Khanh Hoa has a lot of suitable agricultural and aquatic products which can be sold in this market. According to a recent survey by the provincial Department of Industry and Trade, the items with the greatest strengths and competitive advantages of Khanh Hoa are bird's nest and seaweed. These two items will have the conditions to expand the market when brought to India.
According to Vinita Sudhanshu - Deputy General Director of Agricultural Products and Processed Food Export Development Authority (APEDA), India's current strong products include grains, organic vegetable , rice, buffalo meat, animal feed... In addition, India has an abundant amount of seafood, which is very suitable for Khanh Hoa enterprises to import raw materials for processing and export to other markets.
Madan Mohan Sethi - Consul General of India in Ho Chi Minh City said that import and export activities are decreasing due to the fluctuating world economic situation. Therefore, this is the necessary time for enterprises of Khanh Hoa as well as India to find new markets as well as expand import and export activities. In the coming time, the two sides will have meetings to promote the introduction of export products into each other's markets, increasing the trade balance of the two sides, commensurate with the available potentials. He hoped that this is an important milestone to promote trade and create opportunities for businesses of both sides."
| According to Le Huu Hoang - Standing Vice Chairman of Khanh Hoa Province People's Committee said, on the occasion of the 50th anniversary of the establishment of diplomatic relations between the two countries, recently, the provincial People's Committee coordinated with the Consulate General of India in Ho Chi Minh City held a conference to promote of production, processing and consumption of agricultural and aquatic products in Khanh Hoa and India. This is an event to promote commercial cooperation between Khanh Hoa and India, strengthen linkage activities between units, create favorable opportunities for enterprises to exchange information, cooperate in goods consumption, and expand markets. In particular, trade promotion is an opportunity to develop specific products, creating conditions for Khanh Hoa enterprises to seek new opportunities in the large Indian market. |
Dinh Lam
Translated by T.T
