The ‘King’ of Vietnamese Maritime Transport Eyes Logistics Hub in India

According to a report by Invest India, the country’s investment promotion and facilitation agency, India’s economy grew impressively by 8.3% in the 2023-2024 financial year, leading among the world’s large economies. India’s foreign trade reached $776 billion in 2023 and is expected to surpass $2,000 billion by 2030.

With the goal of becoming the third-largest economy globally by 2027, India is creating an attractive investment environment, especially in the fields of port infrastructure, maritime transport, and logistics.

At the workshop “Vision and Investment Potential in Port, Maritime Transport, and Logistics in India,” held on November 27 in New Delhi, Vietnamese Ambassador to India Nguyen Thanh Hai said that with its favorable geographical location and growing trade relations, the prospects for cooperation between Vietnam and India in the maritime sector are very bright, especially as the two countries aim to achieve a bilateral trade target of $20 billion.

However, while air connectivity between Vietnam and India has developed remarkably, bilateral maritime connectivity remains modest and does not match the needs and potential of the two countries.

“Investing in India’s port, maritime transport, and logistics systems will directly facilitate economic interaction, diversify maritime transport services, and benefit both countries,” said Ambassador Nguyen Thanh Hai. She added that this is an opportunity for maritime businesses like VIMC to leverage their advantages and build efficient supply chains, directly connecting Vietnam to a market of over 1.4 billion people.

From a business perspective, Mr. Le Quang Trung, Deputy General Director of VIMC, shared that in addition to existing transport routes, VIMC aims to expand maritime routes and collaborate with Indian partners to invest in suitable port infrastructure and logistics. This will create a complete logistics ecosystem and boost two-way trade between the two nations.

“VIMC aims to establish logistics centers named ‘Vietnam House’ in India. This will serve as a platform to provide integrated services, from storage and freight forwarding to cargo transportation, with optimal efficiency and competitive costs, catering to the growing needs of businesses in both markets,” said Mr. Le Quang Trung.

Mr. Ramachandran, Deputy Minister of Ports, Shipping, and Waterways, India, committed to introducing key contacts, including leaders from ports, shipping companies, and major manufacturers, for VIMC to evaluate and connect directly. He assured that he is ready to listen and support VIMC in addressing any issues that may arise during their operations in India.