India and Vietnam should explore possibility of free trade pact, says Vietnamese PM Pham Minh Chinh

New Delhi: India and Vietnam should explore the possibility of a free trade pact to further strengthen the economic cooperation, Vietnamese Prime Minister Pham Minh Chinh said on Wednesday.

Chinh, who is accompanied by a high-level delegation, including several ministers, deputy ministers and business leaders, is on a three-day visit to India.

Going forward, the two nations should aim to increase their bilateral trade to USD 20 billion, the Vietnamese Prime Minister said while addressing the Vietnam-India Business Forum.“I would like to ask that we expand our...market access to each other’s products such as through a suitable FTA between Vietnam and India. Of course, we need to discuss this...We need to make sure that our benefits are shared with each other for Indian businesses. I hope that you (India) would continue to invest and invest more in Vietnam,” he said at the Business Forum organised by Ficci.

Speaking on the occasion, Jitin Prasada, Union minister of State for Commerce & Industry, and Electronics and Information Technology, called for stronger economic cooperation between India and Vietnam, emphasising the complementary nature of their growth strategies and the potential for mutual benefit.

The minister mentioned ongoing trade negotiations, including the review of the India-ASEAN Trade and Goods Agreement of 2009, set to be completed by 2025, and the Indo-Pacific Economic Framework negotiations. These could further enhance economic cooperation between India and Vietnam.