New Delhi (VNA) – A study by the Federation of Indian Chambers of Commerce and Industry (FICCI) on India-Vietnam trade shows that Vietnam has become a potentially lucrative export market for India.

Additionally, top Indian corporations such as Essar and Tata Group are making big-ticket investments in projects in Vietnam, the Indian Express quoted the study as saying.

According to the study, key sectors where Indian exports can make headway in the Vietnamese market include IT and IT training, agro and food processing, railways, energy and alternate energy, power transmission and generation.

In 2004, India extended a credit line of 27 million USD to Vietnam. Last year, India officially announced another line of credit worth 45 million USD for Nam Chien Hydropower project.

Bilateral trade has been growing rapidly from 72 million USD in 1995 to over one billion USD in 2006, with an average growth rate of 20 per cent per annum.

The Tata Group and Essar signed MoUs with the Vietnamese government last year to set up steel facilities worth more than 4 billion USD, according to the Indian paper.