A 15-strong delegation from the Solvent Extractors’ Association of India met executives from more than 70 Vietnamese companies in HCM City yesterday in an effort to find new clients for oil meals (ground seeds) used in animal feed.
Ashok Sethia, SEA’s chairman, said the visit came in the wake of a recent fall in the consumption of oil meals in traditional Southeast Asian markets, especially Viet Nam.
SEA is seeking to conduct a study on the demand for oil-meal products and quality requirements in the country.
It also wants to enhance ties and explore opportunities for co-operation with Vietnamese oilseed crushers and processors, vegetable-oil refiners, feed-processing plants, and importers of oil meals and oils.
India is one of the leading suppliers of oil meals to Southeast Asia, selling soybean meal, rapeseed meal, groundnut meal and rice bran.
Speaking at the meeting, Vo Tan Thanh, director of the Viet Nam Chamber of Commerce and Industry in HCM City, said: "I believe this is a good chance for both parties to study, exchange information, and set up a long-term relationship based on mutual benefit."
Trade between Viet Nam and India has risen sharply in recent years, he added.
Last year it rose 62 per cent to US$2.48 billion. In the first two months of this year, it was worth $282 million.
Viet Nam’s exports to India include coffee, coal, pepper, rubber, electrical products and footwear.
It imports animal feed, steel, iron, plastic and pharmaceutical products, garment and textile raw materials and machinery.
In the 12 months to March this year, Viet Nam imported 1.5 million tonnes of oil meals from India, becoming the largest buyer in Southeast Asia, Thanh said.
Dr Jitendra Nath Misra, the Indian consul general in HCM City, said India was becoming a significant investor in Viet Nam with high disbursement rates, adding Viet Nam was the top destination for Indian investments in Southeast Asia.