The enormous volatility in the global trading environment has led companies to diversify their supply chains away from China, which has increased the importance of the India-Vietnam trade route for international business. Palit says India needs to start concluding bilateral trade agreements as soon as possible. His recipe for protecting India`s interests in a post-COVID-19 world comes at a time when negotiations on the customs free trade pact between the country and the EU, Australia and New Zealand are not yet finding any power to manoeuvre. So where is India, where trade policy makers are discussing plans to woo companies that are withdrawing from China? III. CULTURAL COOPERATIONThe Swami Vivekananda Indian Cultural Centre was established in September 2016 in Hanoi to promote a global understanding of India and promote closer ties between the peoples of the two countries through cultural exchanges. The two countries also have regular exchanges of delegations for youth. Mission also maintains close ties with universities and think tanks in Vietnam. The Vietnam Institute for Indian and South-West Asian Studies (VIISAS) of the Vietnam Academy of Social Sciences and the Centre for Indian Studies of the Ho Chi Minh-National Academy of Politics are one of the most important centers in Vietnam, focusing on Indian studies and have academic SMEs cooperating with certain Indian institutions. Given Vietnam`s strong economic growth in recent years, it is necessary to review the India-ASEAN free trade agreement to promote continued trade in promising emerging sectors between the two countries. As the standard Charter report points out, there is significant room for greater trade between India and Vietnam if both governments take a proactive approach to trade and investment and exploit that potential. After the decline in Chinese demand due to the pandemic, Vietnam is looking for alternative buyers for its agricultural exports.
The removal of India`s trade barriers to importing agricultural products may open a new market for Vietnamese agricultural exporters. In addition, there is significant potential for investment in livestock techniques, irrigation techniques and storage facilities. Vietnam`s topography, climate and fertile soil make it suitable for coffee plantations. The TATA Group has announced its intention to invest in the installation of agricultural machinery to meet demand in the Mekong Delta. This is the first free trade agreement signed following the emergence of the COVID 19 global pandemic, which has disrupted supply chains. For the EU, this is the second free trade agreement in Southeast Asia after Singapore. The free trade pact will enter into force from July this year. Vietnam is an attractive destination for production and export, thanks to its series of free trade agreements with several countries, so that products can be exported to these low-priced countries. There is a need for the local support industry to support large producers, and Indian companies have the potential to fill gaps in this sector.