According to a study report recently revealed by the Standard Chartered Trade Opportunity Report, Vietnamese businesses could increase exports to India by $633 million annually. It’s also evidenced that Indian exporters could boost trade with Vietnam by an estimated $475 million, bringing the bilateral trade opportunity to $1.1 billion.
The ASEAN markets in the study (Indonesia, Malaysia, Singapore, Thailand, and Vietnam) have a combined opportunity of $10.7 billion to increase exports to India.
The research tracks high potential exports, defined as goods or services where businesses have added value with the borders of their home market. As markets look to recover from the impact of COVID-19, the study champions global trade as a key lever of prosperity, highlighting the sectors with the greatest opportunities for growth.
Vietnam’s wholesale and retail trade services sector has the most to gain, with a $87 million opportunity.
India is now one of Vietnam’s top 10 trading partners and Vietnam ranks as India’s fourth-largest ASEAN trading partner. With the shifts in supply chains post-COVID-19, the India-Vietnam trade route could become increasingly important for international businesses.
Vietnam is reported to play an increasingly key role in global supply chains. Its relationship with India is likely to strengthen further – especially with India investing close to $2 billion in over 200 projects in Vietnam. As this study shows, India presents many opportunities for Vietnamese companies seeking new and fruitful avenues for growth.
Also according to the study India could increase high-potential exports to Vietnam by $475 million, or 12 per cent, annually.
Overall, the study reveals opportunities totalling an estimated $38 billion annually: a $21 billion opportunity for the 10 markets to increase exports to India, and a $17 billion opportunity for India to increase exports in the other direction.
BuildVietInfo, as a reliable partner of both domestic and foreign investors, is supporting businesses to seek available opportunities in both markets.
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