According to data from the General Department of Vietnam Customs, the total bilateral trade turnover between Vietnam and India reached approximately USD 15 billion in 2024, marking an increase of 4.5% compared to 2023.
Vietnam Maintains Trade Surplus with India
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Vietnam’s exports to India totaled USD 9.06 billion, up 7.6% year-on-year, while imports from India reached USD 5.83 billion, down 0.6%. This demonstrates that Vietnam continues to maintain a trade surplus with India thanks to the strong performance of its key export sectors.
Key Export Items
Vietnam’s exports to India in 2024 were led by:
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Phones and components – USD 1.68 billion (up 4.5%), accounting for 17.5% of total exports
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Computers, electronics, and components – USD 1.5 billion (15.6%)
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Machinery, equipment, and spare parts – USD 947 million (9.8%)
These figures highlight stable demand from the Indian market for Vietnam’s industrial and technological products.
Strong Growth in Agricultural and Consumer Goods
Several other export categories posted impressive growth:
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Tea up 18.7%
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Wood and wood products up 18%
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Seafood up 12%
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Handicrafts, bamboo, rattan, and carpets up 11%
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Rubber products, confectionery, and cereals up 11%
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Plastic products up 10.4%
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Textile fibers up 10%
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Textiles and garments up 9.5%
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Chemical products up 9.5%
Agricultural and forestry products were also a highlight, with wood and wood products reaching USD 212.57 million (up 18%), pepper up 9.3%, tea up 18.7%, and seafood up 12.1%. Meanwhile, coffee exports remained stable at USD 38.83 million, suggesting potential for stronger market development strategies.
Vietnam’s exports to India continue to diversify, focusing on both high-tech goods and agricultural products.
Imports from India Decline Slightly
In 2024, Vietnam’s imports from India were recorded at USD 5.83 billion, down 0.6% year-on-year, representing 1.55% of Vietnam’s total imports.
As a result, Vietnam achieved a trade surplus of USD 3.2 billion, up 22.2% compared to 2023.
A Strong and Complementary Trade Relationship
Trade between Vietnam and India has expanded steadily over the past 25 years, growing from USD 200 million in 2000to USD 15 billion in 2022, making India one of Vietnam’s top eight trading partners.
Vietnam is also among the four ASEAN countries with the closest trade ties to India. Within South Asia, India remains Vietnam’s largest trading partner, accounting for nearly 80% of Vietnam’s total exports to the region.
The trade structures of both countries are highly complementary, fostering sustainable economic cooperation:
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India supplies Vietnam with essential materials such as iron and steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood, supporting local industries.
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Vietnam, in turn, can leverage India’s vast market potential in electronics, textiles, processed foods, light industries, and agricultural products such as spices, pepper, and coffee.