Indian group eyes Viet Nam as future market
Indian group eyes Viet Nam as future market
Seven companies from Indian group Tata Sons plan to focus on Viet Nam and Myanmar as key markets, reported The Economic Times and International Business Times.
Viet Nam and Myanmar have growing economies, an expanding middle class and will enjoy positive impacts from recent trade deals.
These have made the two countries important destinations for firms looking to expand their operations in Southeast Asian markets.
The newspaper quoted as saying a spokesperson from the group that the demographics and economic development of the countries represent a market for several products and services.
Tata companies operating in power, construction, chemicals, automobiles and trade are exploring opportunities in Viet Nam and Myanmar.
Established in 1868, the Indian conglomerate conducts operations in more than 100 countries and territories worldwide, employing around 600,000 workers.
From 2014 to 2015, the group reached over US$108 billion in revenue.
Viet Nam is considered an attractive market after it signed the Viet Nam-EU Free Trade Agreement last December and the Trans-Pacific Partnership (TPP).
The country enjoyed economic growth of 6 per cent in 2014 and 6.7 per cent last year.
