The Hanoitimes - The Ministry of Planning and Investment said Vietnam is increasingly attractive to Indian companies, which had 118 investment projects by the end of 2015. As of late September, India poured an additional 85 million USD into Vietnam, raising its total investment capital to 524 million USD.
The Vietnam Chamber of Commerce and Industry and the Indian Embassy in Vietnam jointly held Vietnam-India business forum in Hanoi on November 2 in an effort to boost trade and investment partnerships between the two countries.
Addressing the forum, Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) highlighted that strengthening bilateral trade and investment cooperation is among activities promoted by the two Governments for 2016-2020 period in order to realise the countries’ strategic partnership.
Indian Ambassador to Vietnam Parvathaneni Harish said his country’s delegation to Vietnam this time includes President of the Confederation of Indian Industry Naushad Forbes, and executives of big groups and enterprises that want to invest in renewable energy, information technology, infrastructure and consumer goods production.
At the Vietnam-India business forum
The ambassador noted the forum is to concretise the commitments made between the two Governments during Indian Prime Minister Narendra Modi’s working visit to Vietnam last September.
While Vietnam has advantages in labour intensive industries like garment and processing, India is interested in developing technology and services.
India now is one of the 10 biggest trade partners of Vietnam. Bilateral trade hit 5.1 billion USD in 2015, including 2.4 billion USD of Vietnam’s exports. It reached 2.9 billion USD from January to July 2016.
Vietnam mainly exports mobile phones, computers, electronic products and components, coal, rubber, ore and farm produce to India. Its imports from this country include materials for animal feed production, medicine, and machinery.
According to the Ministry of Planning and Investment, Vietnam is increasingly attractive to Indian businesses, which had 118 investment projects worth 439 million USD in Vietnam by the end of 2015, making their country rank 28th among 62 countries and territories investing here.
By the end of last September, India invested an additional 85 million USD into Vietnam, raising its total investment capital to 524 million USD, mostly in mining, oil and gas, mineral and farm produce processing, and information technology.
VCCI Vice Chairman Hoang Quang Phong said companies’ activeness and the two Government’s facilitation as well as regular trade promotion activities or business forums will be a considerable driving force to intensify the Vietnam-India strategic partnership.