A new shipping route linking the central region of Vietnam and India has given a major boost to India’s maritime outreach. The route was inaugurated on July 27, 2022.
This new route will open up huge business cooperation opportunities for Indian and Vietnamese businesses and may likely reach the target of 15 billion USD by the end of this year. Previously, the major bottleneck was the traffic connectivity, especially the lack of sea routes connecting both countries, particularly, the shipping route between Vietnam and Kolkata city.
The Vietnam Maritime Corporation (VIMC) considers India as its strategic and trading partner. Lately, the sea freight rates have increased, affecting the transport activities of the world, and hence Vietnam has tried to find new sea routes connecting Vietnam to other regions and countries across the world, including India.
This new link between Vietnam and India is a direct connection and helps shorten the transportation time from 22 days to 14 days. The VIMC is also aiming to launch another new route to the Chittagong port of Bangladesh this October which will improve the trade relations between Bangladesh and Vietnam.