KOLKATA: The sea route linking central Vietnam and India was inaugurated on July 27, speaking at the inauguration ceremony, which was held virtually, Advisor Bui Trung Thuong, Head of Vietnam Trade Office in India, said India is Vietnam’s 8th largest trading partner. Bilateral trade is expected to reach the target of $15 billion this year, on the 50th anniversary of diplomatic relations between Vietnam and India.
Despite the great trade potential between the two sides, one of the bottlenecks is traffic connectivity, especially the lack of a direct sea route linking the two countries, he said, therefore, the sea route linking the central region of Vietnam and Kolkata city, india operated by Vietnam Shipping Company (VIMC) will open up great business cooperation opportunities for Vietnamese and Indian companies.
VIMC Deputy Director General Le Quang Trung affirmed that in its development strategy, VIMC regards India as an important trade partner of Vietnam. Ocean freight rates have increased in recent years, severely affecting shipping business globally in general and in Vietnam in particular.
To find solutions for Vietnam’s import and export business, VIMC has actively implemented market research and expanded new shipping routes connecting Vietnam and other parts of the world, including India, did he declare.
The VIMC inaugurated a container sea route linking Vietnam, Malaysia and India in November last year to ease the pressure on cargo transportation, stabilize transportation service supply and support domestic businesses. In May, it continued to bring 1,000 TEU container ships to Cua Lo in the central province of Nghe An to ferry cargo to India. It is a direct connection between Vietnam and India, which reduces the transport time to 14-15 days compared to 21-22 days for other routes.
The company aims to launch another path to Port of Chittagong of Bangladesh in October. Vietnam’s Ambassador to Bangladesh, Pham Viet Chien, expressed his hope that the road will promote trade between Vietnam and Bangladesh. He affirmed that the Vietnamese Embassy in Bangladesh is ready to support Vietnamese and Bangladeshi companies in their business relations.