AsemconnectVietnam - According to data from the General Department of Vietnam Customs, bilateral trade turnover between Vietnam and India in 2024 reached approximately 15 billion USD, an increase of 4.5% compared to 2023.

Of which, Vietnam's exports to India reached 9.06 billion USD, an increase of 7.6% over the same period last year, while imports from India to Vietnam reached 5.83 billion USD, a decrease of 0.6%. This showed that Vietnam continued to maintain a trade surplus advantage in trade relations with India, thanks to the growth of key export industries.
In the export structure, the group of phones of all kinds and components led the list with a turnover of 1.68 billion USD, a slight increase of 4.5%, accounting for 17.5% of total export turnover. Computers, electronic products and components ranked second with a turnover of 1.5 billion USD, accounting for 15.6% of the proportion.
The next was the group of machinery, equipment, tools and other spare parts with a turnover of 947 million USD, accounting for 9.8% of the proportion. This showed that there is a stable demand from the Indian market for Vietnam's industrial products.
Notably, a number of other items exported by Vietnam to India in 2024 also had significant growth, typically tea increased by 18.7%, wood and wood products increased by 18%, seafood increased by 12%, rattan and bamboo products, carpets increased by 11%, rubber products, confectionery, cereals all increased by 11%, plastic products increased by 10.4%, textile fibers of all kinds increased by 10%, textiles and garments increased by 9.5%, chemical products and chemicals increased by 9.5%. It can be seen that Vietnam continued to expand its market share in the consumer products industry in India.
The country’s exports of agricultural products, wood and wood products alone to India reached 212.57 million USD, a sharp increase of 18%; pepper (up by 9.3%), tea (up by 18.7%) and seafood (up by 12.1%) all had positive growth, showing high demand from the Indian market.
The exports of coffee remained stable at 38.83 million USD, showing that businesses need a better approach strategy to expand their market share. Vietnam's exports to India are developing in the direction of diversifying product lines, in which high-tech products and agricultural products continue to be key areas.
In contrast, Vietnam's import turnover from India in this period only reached 5.83 billion USD, down by 0.6% compared to the same period of 2023.The imports from India only accounted for 1.55% of Vietnam's total import turnover. Notably, Vietnam recorded a trade surplus of 3.2 billion USD with India in 2024, up by 22.2% compared to 2023.
The trade relations between Vietnam and India continued to grow strongly, playing a key role in bilateral cooperation with steady growth over the past 25 years. From a turnover of only about 200 million USD in 2000, the trade between the two countries reached 15 billion USD in 2022, making India one of the 8 most important trade partners of Vietnam.
At the same time, Vietnam also holds a solid position in the group of 4 ASEAN countries with the closest trade relations with India. In particular, in the South Asian region, India is Vietnam's largest trading partner, accounting for nearly 80% of Vietnam's total export turnover to this region. The commodity structure between the two countries is highly complementary, creating momentum to promote sustainable economic cooperation. India provides many essential raw materials and finished products to Vietnam such as iron and steel, chemicals, pharmaceuticals, textiles, animal feed and seafood, helping the domestic industry develop. In return, Vietnam needs to continue to take advantage of the potential of the Indian market in the fields of electronics, textiles, processed foods and light industry, agricultural products such as spices, pepper, coffee, etc.
CK
Source: VITIC