New Delhi: India and Vietnam are likely to meet the bilateral trade target of $7 billion by 2015, Indian Ambassador to Vietnam Ranjit Rae said on Friday.
"The two-way trade is likely to reach $7 billion by 2015," an Assocham statement quoted Rae as saying at an international exposition being held in Hanoi from April 4-7.
Last year, trade between the two countries stood at $4 billion.
Rae said there is a need to deepen the strategic relationship between the countries. The two nations are also working for an early conclusion of India-ASEAN free trade pact in services apart from setting a bilateral trade target of $7 billion by 2015 to give a boost to economic ties.
India and the 10-member Association of South East Asian Nations (ASEAN) have already implemented the free trade pact in goods 2010 and are engaged in intense negotiations to widen the base of the pact by including services and investments.
At present, India exports goods like pharmaceuticals, cotton and electrical machinery while imports iron, steel, vehicles and mineral fuels from Vietnam.
Till December last year, Indian companies had invested $790 million in 78 projects underway in Vietnam.
More than $5 billion worth Indian investments are in the pipeline.
"India sees Vietnam as the main destination for investors in Southeast Asia and has interests in agriculture, food processing, minerals, oil and steel," Assocham India-ASEAN Business Promotion Council Chairman Shantanu Srivastava, who is leading a 50-member delegation to Hanoi, said.
"Both countries are also planning to open direct air routes with the signing of a memorandum of understanding between Vietnam Airlines and Jet Airways," the ambassador added.
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