According to statistics from the General Department of Vietnam Customs, bilateral trade between Vietnam and India reached nearly USD 8.67 billion in the first seven months of 2024, a 4.5% increase compared to the same period in 2023. Notably, Vietnam’s export turnover to India reached USD 5.37 billion, a significant 15.2% growth year-on-year.
In the export structure, the group of telephone types and components took the lead with a turnover of USD 1.15 billion, a sharp increase of 102%, accounting for 21.5% of the total export turnover.
The group of computer, electronic products, and components ranked second with a turnover of USD 945 million, accounting for 17.5% of the total. The group of machinery, equipment, and other accessories followed with a turnover of USD 507 million, accounting for 9.4%.
Graphic: PL
Several other export sectors of Vietnam in the first seven months of 2024 also witnessed robust growth. Pepper increased by 87.5% (reaching USD 38.5 million), plastic products by 75%, and wood and wooden products by 65.7%.
Animal feed and raw materials increased by 57.2%, means of transport and spare parts by 56.6%, confectionery and cereal products by 55.3%, rubber by 42.9%, ceramic products by 27%, cashew nuts by 25.5%, and textile, leather, and footwear raw materials by 16.6%.
Graphic: PL
During this period, Vietnam’s import turnover from India reached only USD 3.3 billion, a decrease of 9.2% compared to the same period in 2023. The import turnover from India accounted for only 1.55% of Vietnam’s total import turnover. Notably, Vietnam recorded a trade surplus of USD 2.06 billion with India in the first seven months of 2024, a significant increase of 101.8% year-on-year.
In the past years, trade turnover between Vietnam and India has been consistently increasing. From just about USD 200 million in 2000, the trade turnover between the two countries reached USD 15 billion in 2022. With this result, India has become one of Vietnam’s eight largest trading partners. In South Asia, India is Vietnam’s largest trading partner, accounting for nearly 80% of Vietnam’s total export turnover to this region.
India plays a crucial role in providing essential raw materials and finished products to Vietnam, including iron and steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood. In return, Vietnam focuses on exporting products such as personal computers, mobile phones and components, iron and steel, chemicals, wood and wooden products, footwear, spices, coffee, and pepper to the Indian market.
In 2023, Vietnam’s export turnover to India reached USD 14.36 billion, a 6.8% increase compared to 2022, accounting for more than 2% of Vietnam’s total export turnover.
Total Export and Import Turnover of Vietnam in the First Seven Months
According to a report by the General Statistics Office, Ministry of Planning and Investment, in the first seven months of 2024, the total export and import turnover of goods of Vietnam reached USD 439.88 billion, a 17.1% increase compared to the same period last year, of which exports increased by 15.7% and imports by 18.5%. The trade balance of goods showed a surplus of USD 14.08 billion.
In the first seven months of 2024, 30 export items had a turnover of over USD 1 billion, accounting for 91.9% of the total export turnover (including nine items with an export turnover of over USD 5 billion, accounting for 70.8%).
Some export items with a value of over USD 5 billion include electronics, computers, and components; telephones and components; machinery, equipment, and other accessories; textiles and garments; footwear; wood and wooden products; means of transport and spare parts; iron and steel; and seafood.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
