pKolkata, Jan 22: Riding on the crest of a very close and cordial relations, the bilateral

Kolkata, Jan 22: Riding on the crest of a very close and cordial relations, the bilateral trade between India and Vietnam is likely to cross the $1.5 billion mark by 2010, registering about 100 per cent growth from the present volume of about 800 million dollars per annum.

This view was expressed here today by Ambassador of Vietnam to India Vu Quang Diem while speaking to UNI after participating in a meeting with members of the city's premier Bharat Chamber of Commerce(BCC) during his two-day maiden visit to the city after assuming the office in September last year.

Recalling more than 35 years of close socio-cultural ties between the two nations,the Vietnamese envoy said, however, during the last five or six years the people to people contact became more intense as about 50 top Indian companies had so far invested around 123 million dollars in different joint ventures in Vietnam through the FDI route.

Talking about the scope of attaining higher volume of two-way trade between the two ASEAN neighbours in near future, Mr Diem said following his country joining the World Trade Organisations(WTO) recently, the scope of investment by Indian investors in his country increased manifold as the spending power of even the common Vietnami people had gone up significantly over the past few years.

Referring to the possible areas of investment in his country and the export items from India,the Vietnami Ambassador said it included infrastructure development,tourism. pharmaceuticals,auto components, heavy engineering goods and machineries,chemicals and fertilisers where the Indian expertise were known worldwide.

In terms of import items from Vietnam to India,Mr Diem informed it included rice,processed and tinned foods,textiles,ceramics,coal, bauxite,milk and dairy products.

Asked about the possibilities of introducing direct air link between the two countries in the wake of increasing business ties and closer relations, the Vietnamese envoy said recently a high level Air India delegation visited Hanoi and Ho Chi Min cities to explore the possibilities of starting direct flights from Delhi and Mumbai.

'I hope during the coming visit of Vietname Prime Minister to India in March a formal agreemet to this effect would be signed", Mr Diem said but did not elaborate on whether the proposed flights would connect New Delhi and Mumbai with only the Vietnamese capital or several other cities too.

He, however, ruled out the possibilities of opening a Vietnam Councillor or trade office in Kolkata soon because of his country's special relationship with West Bengal and because of its industrial rejuvination.

"At present we are not thinking of opening any such office like the one we have in Mumbai",the Ambassador said and cited economic constrains as the prime reason.

UNI