“Today (post-coronavirus), Vietnam is looking at becoming Southeast Asia’s single economic success with the country rising to fourth in nominal GDP in the Association of Southeast Asian Nations (ASEAN) this year, surpassing Singapore and Malaysia and gaining on the Philippines (IMF). Rising exports have also helped to drive growth, as companies relocate production from China,” said the Ambassador. Vietnam has also surpassed its regional rivals Indonesia and Thailand and is the EU’s second-most important trading partner in ASEAN. The European Union-Vietnam Free Trade Agreement (EVFTA) is the second FTA between the EU and an ASEAN country, after Singapore. Vietnam is the second country to sign trade and investment agreements in the region, he added.

Since Punjab, together with Haryana is a major hub of SMEs encompassing industries that include food processing, tractors and auto components, agro-based parts, bicycle and bicycle parts, sports goods, light engineering goods, metal and alloys, chemical products and textiles, they become good trading partners to Vietnam.