VN, India businesses to strengthen co-operation
VN, India businesses to strengthen co-operation
Vietnamese and Indian businesses came together for a recent seminar to further exchange information and seek partnerships.
Organised yesterday in Ha Noi by the Viet Nam Chamber of Commerce and Industry (VCCI), the event saw the participation of 15 Indian companies.
Addressing the function, VCCI Vice President Hoang Quang Phong said that India is a big trade partner of Viet Nam, with two-way trade hitting US$5.6 billion in 2014. Indian businesses have so far poured about $300 million into 87 projects in Viet Nam.
Vietnamese businesses hope to receive technological support from India in the fields of tea processing, mining, information technology and heavy industry, which are India's strengths, he said.
With ongoing structural reforms and a Government committed to global growth, Phong said there has never been a better time for Indian businesses to invest in Viet Nam, as there is tremendous untapped potential.
Indian businesses stated that India is a market of great potential and demand, but bilateral trade and investment co-operation has yet to match both sides' potential and meet aspirations.
At the seminar, Indian firms operating in food processing, environmental pollution control, electronics, pharmaceuticals and mechanical engineering expressed their wish to study the Vietnamese market.
Secretary General Vijay Shah of the India Import-Export Club acknowledged that trade and investment has not reached its fullest potential.
He said the purpose of the visit to Viet Nam is to give Indian businesses the chance to learn more about existing opportunities, legal regulations and Vietnamese business trends in order to study and invest in some new projects in Viet Nam.
This was a long-term target supported by the two Governments with strong determination from the Indian business community. The parties said co-operation is especially important as Viet Nam prepares to establish the ASEAN Economic Community (AEC), and India is actively implementing its policy by working towards India's "Look East Policy", which envisions more vigorous strategic engagement with the economically vibrant Southeast Asian region, including Viet Nam.
Major export items of Viet Nam to India include computers, electronics, components, mobile phones and parts, automobile spare parts, rubber, chemicals, coffee, pepper, fiber and wood.
Meanwhile, the main items imported into Viet Nam from India are machinery and components, pharmaceutical products, cotton, corn, steel, livestock and petrol.
