Nearly 50 Vietnamese enterprises attended a trade promotion and business matching program on September 22-23 as part of the Uttar Pradesh International Trade Show (UPITS), organized by the administration of the Indian state of Uttar Pradesh, according to VietnamPlus. The Vietnamese delegation accounted for over 10% of the international guests invited by the Uttar Pradesh administration to the UPITS, which was organized in coordination with the Federation of Indian Export Organisations (FIEO).

With the support of the Trade Office of Vietnam in India, the delegation participated in business matching events and export promotion forums organized by FIEO.

Addressing a forum, FIEO Director General Ajay Sahai said that by building an export ecosystem, Uttar Pradesh will become an export hub of India and make tremendous contributions to the country’s gross domestic product.

Meanwhile, FIEO Deputy Director General Ashish Jain highlighted India’s growing role in the global market and the marketing strategies for promoting the country’s stature amid global uncertainties, high inflation, and dwindling consumption demand.

The UPITS, which is taking place at India Expo Mart in Greater Noida from September 21-25, is attracting over 15,000 purchasers and 50,000 visitors. It aims to introduce small businesses and products made in Uttar Pradesh.

Two-way trade between Vietnam and India saw a yearly increase of 13.6% to US$15.05 billion in 2022, according to the General Department of Customs.

In the same year, Vietnam’s exports to India reached $7.96 billion, up 26.8% year-on-year. Among its export items, mobile phones and accessories had the highest turnover with $1.52 billion, up 18.4%, accounting for nearly 20% of the total export value.

Meanwhile, Vietnam imported $7.09 billion worth of goods from India last year, a yearly increase of 2%. Its major import commodities from the market were iron and steel with nearly $775 million, down 44.6%; machinery and equipment ($549.3 million, up 28%) and ordinary metals ($515 million, up 26%).

According to the Vietnamese Trade Counsellor in India, Bui Trung Thuong, Vietnam and India could complement each other in economic production. India is an important supplier of materials, while Vietnam has a high demand for materials in service of production and export.

India is Vietnam’s leading provider of aquatic, garment and textile, leather, and pharmaceutical materials. The 1.4-billion-strong Indian market has diverse demands with various market segments, providing a good opportunity for Vietnamese exporters.

In addition to trade, bilateral cooperation in tourism and investment has also grown with the resumption and launch of direct air routes. For example, Adani Group has committed to investing $10 billion in Vietnam.