Bilateral trade between Vietnam and countries in South Asia has reached the figure of $ US 1.265 billion in the first three months of the current year, an increase of 64.7% on an annual basis. This data is reported by the Vietnamese Ministry of Industry and Commerce.
Specifically, Vietnam's exports to these countries have grown exponentially, reaching +148.5% to arrive at a value of $US 512 million, while the imports have registered an increase of 34%, amounting to $US 753 million share.
According to the Ministry, the Vietnamese exports to India has experienced an increase of 88 .2% over the previous year, a figure of $US 292.5 million while imports from India have risen to $ US708 million. Vietnam has also consolidated its trade relations with Bangladesh (exports of US$ 174.9 million and imports of $ US 11.6 million), Pakistan (US$ 32.5 million for export and US$ 28.6 million for imports) and Sri Lanka (US$ 10 million for export).
The strong growth is attributable to demand from markets for agricultural products, foodstuffs, building materials, textile products and clothing as well as products for processing industries. The implementation of the FTA between the ASEAN countries and India, which came into force in June last year, is undoubtedly one of the key factors for this boom.
The main products imported by Vietnam from India are food of animal origin, corn, cotton, pharmaceuticals, chemicals, plastics and other materials for the textiles and clothing.