Two-way trade between Vietnam and India is expected to reach US$5 billion by December and hit $7 billion in 2015.
These figures were released at an on-line conference organised between Hanoi and New Delhi on September 26.
According to the Ministry of Industry and Trade, India has become one of Vietnam's leading trade partners with bilateral trade increasing by 12.2 percent a year from 2008-12.
The trade value hit $3.5 billion in the past eight months, up 40.2 percent year-on-year.
Vietnamese products for the India market include mobile phones, computers, electronic products and components, said head of the ministry's South Asian Market Department Tran Quang Huy.
Huy also said the signing of a trade and service agreement and an investment agreement between ASEAN and India would further boost economic ties between the two sides.
Sufficient potential existed for the two countries to raise trade to $25 billion by 2020, said a director from India's Ishan International Co, Shantanu Srivastava.
He suggested the launching of a direct air route linking the two nations and the establishment of bank branches would help achieve this target.