India, Vietnam should explore possibility of free trade pact: Vietnamese PM Chinh

New Delhi: India and Vietnam should explore the possibility of a free trade pact to further strengthen the economic cooperation, Vietnamese Prime Minister Pham Minh Chinh said on Wednesday.

Chinh, who is accompanied by a high-level delegation, including several ministers, deputy ministers and business leaders, is on a three-day visit to India.

Going forward, the two nations should aim to increase their bilateral trade to USD 20 billion, the Vietnamese Prime Minister said while addressing the Vietnam-India Business Forum.

"I would like to ask that we expand our...market access to each other's products such as through a suitable FTA between Vietnam and India. Of course, we need to discuss this...We need to make sure that our benefits are shared with each other for Indian businesses. I hope that you (India) would continue to invest and invest more in Vietnam," he said at the Business Forum organised by Ficci.

The Vietnamese Prime Minister called upon businesses from the two nations to work together, bring about better solutions to raise bilateral trade to USD 20 billion going forward, and continue to forge stronger cooperation focusing on strategic infrastructure, including transportation, energy, digital and climate infrastructure.

"I've spoken to many Indian businesses. I called on them to make investment into infrastructure, including strategic infrastructure, transportation, health, educational, cultural and all the rest of it," Chinh said.

He further called upon businesses of the two countries to work together to realise their "shared aspirations" and to build the strategic, comprehensive strategic partnership between Vietnam and India.

The Vietnamese Prime Minister also participated in the launch ceremony of the new flight route between Ahmedabad (India) and Da Nang (Vietnam).

Pointing out that Vietnam imports 33 per cent of its pharmaceutical products from India, Chinh said it would like to work with India to establish a proper pharmaceutical ecosystem in Vietnam.