have been established to bolster tourism. Trade India is Vietnam's 10th largest trading partner, while Vietnam is India's 15th largest trading partner and 4th largest in ASEAN after Singapore, Indonesia and Malaysia. Bilateral trade between India and Vietnam measured $11.12 billion in 2020–21, declining by 22.47% from the previous fiscal largely due to disruptions caused by the COVID-19 pandemic. India exported $4.99 billion worth of goods to Vietnam, and imported $6.12 billion from Vietnam. India's trade deficit with Vietnam declined from $2.22 billion in 2019–20 to $1.12 billion in 2020–21. Bilateral trade has increased rapidly since the liberalisation of the economies of both Vietnam and India. Trade between the two countries totaled US$200 million in 2000, and quickly grew over the next two decades to reach a peak of US$12.3 billion in 2019–20. India had become the 13th largest exporter to Vietnam by the early 2000s, with exports growing steadily from $11.5 million in 1985–86 to $395.68 million in January–November 2003. Vietnam's exports to India amounted to around $53 million in 2002. Between 2001 and 2006, the volume of bilateral trade expanded at 20-30% per annum to reach US$1 billion by 2006. The ASEAN-India Free Trade Agreement came into effect in 2010, and bilateral trade exploded to US$3.917 billion by November 2012, with Vietnam exporting $1.7 billion to India in 2012, an increase of 56.5% from 2011. Investment According to Vietnam's Foreign Investment Agency, India had 299 active projects in Vietnam with a total invested capital of $909.5 million making India the 26th largest foreign direct investor in Vietnam as of April 2021. When including investments made by Indian citizens and corporations located outside of India and routed through third countries, India had an estimated total investment of $1.9 billion in Vietnam as of June 2021. The main industries India has investments in include energy, mineral exploration, agro-processing, sugar, tea, coffee manufacturing, agro-chemicals, information technology and auto components. Vietnam had 6 active projects in India with a total estimated investment of $28.55 million as of 2020. Vietam's investments in India have primarily been in pharmaceuticals, information technology, chemicals and building materials. Bharat Heavy Electricals Limited was awarded a $50 million contract to construct the Nam Chien Hydro Power project in the Muong La district in the Son La province in 2008. BHEL commissioned the project on 30 January 2013. In November 2013, Tata Power was awarded a $1.8 billion contract