Ho Chi Minh City, March 3 (NationPress) A total of 39 Indian pharmaceutical companies engaged with over 50 Vietnamese firms during a productive 'India-Vietnam Business-to-Business (B2B)' meeting focused on the pharmaceutical sector held in Ho Chi Minh City on Monday.

In-depth discussions were conducted regarding the Indo-Vietnam economic relationship at the event, which aimed to enhance the pharmaceutical trade between the two nations. This meeting received backing from 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 emphasized the need for stronger economic collaboration between the two countries, setting an ambitious goal of $20 billion in bilateral trade. At a Vietnam-India Business Forum in New Delhi organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of Vietnam, he highlighted Vietnam's economic successes and encouraged Indian enterprises to invest in key areas like infrastructure, digital technology, and pharmaceuticals.

He invited Indian businesses to increase their investments in Vietnam, especially in sectors such as semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology. Currently, Vietnam sources 33 percent of its pharmaceuticals from India and is keen on developing a robust pharmaceutical ecosystem to safeguard the health and well-being of its citizens.

India and Vietnam share ancient historical and cultural connections, which were elevated to a Comprehensive Strategic Partnership during Prime Minister Narendra Modi's visit to Vietnam in September 2016. India views Vietnam as a crucial element of its 'Act East' strategy and a vital ally in its Indo-Pacific vision.