Brian Jeffrey
Upon receiving an invitation from Indian Prime Minister Narendra Modi, Prime Minister Pham Minh Chinh is set to travel to India from July 30 to August 1.
The visit coincides with India’s successful 18th Lower House elections and Prime Minister Narendra Modi’s third consecutive term re-election.
Prime Minister Pham Minh Chinh is one of the first international leaders invited to India post the recent parliamentary elections and the formation of a new government.
This visit marks his first since the establishment of the Comprehensive Strategic Partnership between the two countries in 2016.
The Comprehensive Strategic Partnership between Vietnam and India has shown positive progress with a strong foundation and high political confidence. The two nations have broadened relations at various levels, maintaining regular high-level visits and interactions through different channels.
Defense and security partnerships remain crucial, with both countries signing the Joint Vision Statement on Defense Partnership and the Memorandum of Understanding on Mutual Logistics Support in June 2022, in addition to defense industry collaboration.
In terms of the economy, bilateral trade has grown 2.5 times since the shift to a Comprehensive Strategic Partnership in 2016, reaching almost $15 billion in 2023. By May 2024, bilateral trade totaled nearly $5.94 billion, with Vietnam exporting $3.56 billion to India and importing nearly $2.38 billion from India.
Currently, India has 380 active investment projects in Vietnam with a total investment of $1.067 billion, ranking 24th out of 144 countries and territories investing in Vietnam.
Both countries recognize the immense potential for trade and investment cooperation, leveraging their strengths as the world’s most populous market and dynamic economic development.
Notably, major Indian corporations have displayed interest in the Vietnamese market in strategic sectors such as renewable energy, manufacturing, pharmaceuticals, infrastructure, and logistics. Collaboration in science and technology, information and communication, education and training, culture and tourism, and people-to-people exchanges has also progressed positively.
According to the Vietnam National Administration of Tourism, in the initial five months of 2024, the number of Indian visitors to Vietnam reached 196,000, marking a 39.2% increase from the same period in 2023, positioning India as one of the top 10 source markets for Vietnam. In 2023, Vietnam welcomed around 355,000 Indian tourists.
Air and sea connectivity between the two countries has been enhanced, currently operating 54 direct flights per week.
Collaboration in agriculture and education continues to yield positive outcomes, while cooperation in energy, oil, and gas is progressing soundly.
India, being a key member of several multilateral forums and international platforms, consistently supports and collaborates with Vietnam at regional and international forums, notably at the United Nations.
Thu Hang
