Prime Minister Pham Minh Chinh proposed that relevant ministries and agencies in Vietnam and India take measures to raise two-way trade to $20 billion in the future at a reception for visiting Indian Minister of External Affairs S. Jaishankar in Hanoi on October 16, the Government News has reported.

Two-way trade turnover reached $15 billion in 2022.

Prime Minister Chinh said the two sides need to create more favorable conditions in opening markets for the products of each country, limit the application of trade barriers, consider signing cooperative agreements in order to form a favorable corridor for trade and investment activities, and promote links between the two economies in terms of goods, services, interbank payments, and digital payments.

He suggested that India encourage giant corporations to invest in Vietnam in key areas such as infrastructure, seaports, logistics, oil and gas exploration and exploitation, and renewable energy.

The Prime Minister also said the two sides should expand cooperation in new spheres like digital transformation, climate change response, energy transition, and green growth.

Mr. Jaishankar emphasized that India considers Vietnam an important partner in the region in implementing its “Act East Policy”, and wants to constantly enhance the bilateral comprehensive strategic partnership.

He pledged that he will coordinate closely with Vietnam’s Ministry of Foreign Affairs to materialize the results of the meeting, contributing to deepening the bilateral relationship, particularly in national defense and security, the economy, trade, investment, and science and technology.

The two sides should also push ahead with procedures for recognizing each other’s agricultural products, he said.