VN wants more investment from India: leader

Nov 20th at 13:35
20-11-2018 13:35:09+07:00

VN wants more investment from India: leader

Viet Nam expects Indian firms to invest more in Viet Nam, Deputy Prime Minister Trinh Dinh Dung said at the Viet Nam-India Business Forum held in Ha Noi on Monday.

 

The fields expected to lure Indian investment include renewable energy, manufacturing industry, information technology and infrastructure construction, he said.

Viet Nam also hopes to promote more effective co-operation with India based on supporting each other and the strengths of the two countries, Dung said.

To reach bilateral trade value of US$15 billion, Dung suggested both sides intensify investment in the fields that India has strength and Viet Nam has demand, expand aviation and maritime connectivity, reduce and step and step remove trade barriers, and facilitate import-export activities.

Meanwhile, initiatives such as ‘Made in India’, ‘Digital India’ and ‘100 smart cities’ will create more opportunities for co-operation in investment and business for companies of the two countries, according to Dung.

Regarding future bilateral trade co-operation, Indian President Ram Nath Kovind said at the forum that the two countries could co-operate in information technology, digital economy, renewable energy, healthcare and civil aviation.

India also wants to learn from Viet Nam in the fields of urban infrastructure development and tourism, he said.

President Kovind affirmed Viet Nam is one of India’s important trading partners in Southeast Asia and India is one of Viet Nam’s leading trade partners.

Agriculture is an important field in the cooperation between the two countries. India can learn from Viet Nam’s agricultural development in coffee, cashew nuts, fruits and vegetables.

As the third largest medicine producer in the world, India can help Viet Nam improve health care service quality and provide cheaper medicine for people, he said, adding that Indian pharmaceutical companies look forward to opening up drug factories in Viet Nam.

With effective solutions to digital connection, economic reform, population control and favourable environment for startup, India hopes to become the third largest consuming market in the world in 2025, the President said, adding that the country has started building new generation infrastructure with 100 smart cities and seven high-speed railway corridors, along with broad-band connections.

Last year, India constructed 10,000km of national highway and reformed its tax system, helping it move 65 spaces to the 77th position in business environment index of the World Bank from the 142nd place in 2014. Its inflation was kept at 3.3 per cent, while foreign currency reserve was $400 billion.

During the forum which was organised during the Indian President’s trip to Viet Nam from November 18-20, representatives from Indian and Vietnamese businesses discussed opportunities in agriculture, food and food processing, healthcare and medicine, renewable energy, and petroleum, among others.

A delegation of 80 Indian companies attended the forum held by the Federation of Indian Chambers of Commerce and Industry and the Associated Chambers of Commerce and Industry of India in collaboration with the Viet Nam Chamber of Commerce and Industry.

Viet Nam-India trade value has increased over the years, with India now one of the 10 largest trading partners of Viet Nam.

Bilateral trade value rose 16 per cent during 2008-13. In the first nine months of this year, the figure hit $8.3 billion, up 4.1 per cent year on year.

The two sides are aiming for two-way trade of $15 billion by 2020.

By the end of May, total investment of India in Viet Nam reached $816 million, with 182 projects, including $67 million in the first five months of this year.

Up to now, Viet Nam has pumped $6.15 million into seven projects in India.

bizhub



NEWS SAME CATEGORY

PwC: Viet Nam one of top destinations for foreign investment

Viet Nam is one of top targets for cross-border investment, according to PwC’s survey released recently.

MoMo shoulders mounting losses for larger market share

The accumulated losses of MoMo, the e-wallet and payment app of M-Service JSC, has increased to nearly VND600 billion ($26 million), catching up to Tiki and Shopee.

Better control of imports-exports needed to shelter VN from US-China trade war: seminar

Authorities should closely monitor the import and export of goods for origin to prevent customs declaration fraud, a seminar heard in HCM City on Friday.

‘Impact investing’ in VN creates social impact as well as financial growth

Investors, business and finance leaders, and representatives of family offices and foundations took part in a discussion in HCM City on Nov 16 on impact investing...

Ha Noi, HCM City spend VND47 trillion for Tet goods

Industry and trade departments in Ha Noi and HCM City are planning to spend VND28.5 trillion and VND18.4 billion, respectively, to prepare goods for next year’s Tet...

Vietnam to attend Novartis regional stakeholder event in Singapore

Building on the series of global stakeholder dialogues, Novartis Social Business will be hosting its fourth event in Singapore on November 20, 2018.

Saigon Hi-Tech Park attracts AI projects

Twenty-one local and international experts shared research results on robotics and artificial intelligence (AI) technology at the Saigon Hi-Tech Park 5th...

Uncertain funding at Vinaconex auction

Three companies and one individual registered to buy the entire share volume put on offer by Vietnam Construction and Import-Export JSC (Vinaconex) that is valued...

Transfer of State capital ownership in 19 SOEs to mega committee completed

The transfer of State capital ownership of 19 State-owned enterprises (SOEs) to the State Capital Management Committee was complete after the committee received...

Viet Nam-Korea trade up but deficit grows

Over the past 25 years, the economic ties between Viet Nam and South Korea have flourished, but the trade imbalance between the two countries has reached an...


MOST READ


Back To Top