As many as 39 Indian pharma companies connected with more than 50 Vietnamese counterparts, holding productive discussions during an ‘India-Vietnam Business-to-Business (B2B)’ meeting on the pharmaceutical industry organised in Vietnam’s Ho Chi Minh City on Monday.

Comprehensive discussions were held on Indo-Vietnam business ties at the event, which aimed to strengthen the pharmaceutical trade between India and Vietnam. The meeting was supported by the Consulate General of India in Ho Chi Minh, the Pharmaceuticals Export Promotion Council of India, and the Vietnam Chamber of Commerce and Industry.

During his visit to India in July 2024, Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation between the two nations, setting an ambitious target of $20 billion in bilateral trade. Speaking at a Vietnam-India Business Forum in New Delhi, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of Vietnam, he outlined his nation’s economic achievements and invited Indian businesses to invest in strategic sectors such as infrastructure, digital technology, and pharmaceuticals.

He also invited Indian businesses to invest more in Vietnam, particularly in semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology. Vietnam currently sources 33 per cent of its pharmaceuticals from India and has expressed interest in establishing a proper pharmaceutical ecosystem in the country to help safeguard the health and well-being of the Vietnamese people.

India and Vietnam have age-old historical and civilizational ties, which were elevated to a Comprehensive Strategic Partnership during Prime Minister Narendra Modi’s visit to Vietnam in September 2016. India considers Vietnam a key pillar of its ‘Act East’ policy and an important partner in its Indo-Pacific vision.

(Inputs from IANS)