India seeks better access to Vietnam pharma market
The Vietnam is learnt to have conveyed that the LoC to be used for purchase of defence equipments is work in progress .
New Delhi: India has asked Vietnam to open its pharmaceutical market for the Indian generic drugs and sought better market access for several other products during the delegation level talks between Indian Vice-President Venkaiah Naidu and Vice President of Vietnam Dang Thi Ngoc Thinh on Wednesday.
Sources said the issues pertaining to security relationship and utilisation of the two Line of Credits were also discussed. It is learnt that India is keen Vietnam uses these without much procedural delays. The Vietnam is learnt to have conveyed that the LoC to be used for purchase of defence equipments is “work in progress”.
During the talks on trade, both sides discussed expanding market access for products like granite, mica, cotton etc. India for long has been trying to make deep inroads into the Vietnamese pharmaceutical market, which is heavily dominated by China.
However, following ban on 39 Indian drug firms in 2016 for quality standard violations, Vietnam has been trying to lure Indian company to strengthen its own domestic market through “Make in Vietnam” instead of focusing on imports.
Sources said Vietnamese delegation expressed unhappiness over India’s decision to impose restriction on import of agarbatti from Vietnam and said that this will lead to crisis for small farmers who have already made investments for agarbatti consignments. The import restriction was imposed on August 31 by Indian to save its small and medium industries after high import on agarbatti was reported from Vietnam and China.
During the talks, the two sides agreed to continue their “close coordination and mutual support” at multilateral fora, especially on account of Vietnam becoming non-permanent member of United Nations Security Council (2020-21) and Vietnam assuming ASEAN chair in 2020.