Vietnam expands business links across India’s economic hubs

The latest efforts were seen in Mumbai on September 29–30, following Vietnam’s participation as a partner country in the Uttar Pradesh International Trade Show 2026 from September 25–29. The two programmes brought Vietnamese businesses into direct contact with partners in two major Indian economic centres, creating opportunities in trade, investment, digital transformation, logistics, tourism and other services.

At the 36th annual general meeting of the India-Vietnam Chamber of Commerce and Industry (IVCCI) and a business networking programme in Mumbai on September 29, Vietnamese Ambassador to India Trinh Minh Manh said bilateral trade has risen considerably, from more than US$5.5 billion in 2016 to US$16.46 billion in 2025. The two countries are targeting US$25 billion in two-way trade by 2030.

He suggested that the next phase of economic ties should focus not only on conventional trade, but also on higher-quality trade, greater investment, stronger supply chains, deeper technology cooperation and more substantive business-to-business connections.

Deepening business ties as trade expands

Potential areas of cooperation include electric vehicles, renewable energy, digital transformation, logistics, supply chains, tourism, agriculture, digital payments and strategic minerals.

The Vietnamese delegation in Mumbai comprised 13 representatives from the Vietnam E-commerce Association (VECOM) and businesses operating in technology, e-commerce, retail and cross-border business development.

Vietnamese Trade Counsellor and Head of the Vietnam Trade Office in India Bui Trung Thuong proposed expanding IVCCI’s activities beyond Mumbai and Maharashtra to other major economic centres in India. He also suggested studying the establishment of a Vietnam-India business council to provide a regular channel for business dialogue and cooperation.

VECOM and IVCCI signed a memorandum of understanding at the event, establishing a framework for stronger business connections, market access and bilateral cooperation.

The programme continued on September 30 at a Vietnam-India business networking event at the World Trade Center Mumbai, where the Vietnam Trade Office proposed developing a WTC India–Vietnam Business Connect network linking major economic centres in the two countries through direct business-to-business connections.

The two sides also discussed regular sector-based business delegations combining market surveys, business meetings and investment matchmaking, with the aim of helping companies identify partners, develop contracts and projects, and bring products into each other’s markets.

From business networking to wider market access

Delegates at the 36th annual general meeting of the India-Vietnam Chamber of Commerce and Industry in Mumbai on September 30, 2026

The Mumbai programme came after a wider Vietnamese trade and investment promotion campaign in Uttar Pradesh, India’s most populous state with more than 246 million people and the country's third-largest economy.

At UPITS 2026 in Greater Noida, Vietnam participated as a partner country and organised a national pavilion showcasing agricultural and processed food products, industrial and consumer goods, footwear and textiles, as well as tourism, aviation and Vietnamese cuisine.

The trade show brought together more than 2,400 exhibitors from seven countries and was expected to attract more than 550 international buyers, around 15,000 B2B meetings and 450,000 visitors.

Vietnam also organised an economic, trade, investment and innovation forum with Uttar Pradesh, attracting representatives of more than 100 business associations, companies and trade promotion organisations from the two sides. The discussions covered textiles, food and consumer goods, electric vehicles and supporting industries, as well as services, tourism, logistics, technology, innovation and two-way investment.

The programme in Uttar Pradesh also opened opportunities beyond merchandise trade. Indian partners invited Vietnamese businesses to explore investment in hotels, resorts, restaurants and other services around major Buddhist pilgrimage destinations, while Noida International Airport expressed interest in discussions with Vietnamese airlines on potential air connectivity and tourism cooperation.

From market access to longer-term links

The expanded promotion effort comes as bilateral economic ties continue to grow. According to the Ministry of Industry and Trade, Vietnam-India two-way trade reached US$16.46 billion in 2025, up 10.5% year on year. Vietnam exported US$10.3 billion worth of goods to India, while imports hit US$6.1 billion.

Vietnamese trade officials have also identified challenges in the Indian market, including relatively high import tariffs, trade-defence measures, stricter traceability requirements and difficulties in supply-chain connectivity between businesses.

In this context, the expansion of business networks from Uttar Pradesh to Mumbai and Maharashtra is aimed at creating more direct and regular channels for Vietnamese companies to understand the market, find partners and participate in trade, investment and supply chains.

The approach also builds on recent efforts in other Indian economic centres. On September 21, the Vietnam Trade Office organised a trade and investment networking programme with business communities in Tamil Nadu, another major industrial hub, in coordination with Indian business organisations.

Source: VOV