Vietnam and India seek to boost trade and investment ties
Vietnam and India seek to boost trade and investment ties
A number of Vietnamese and Indian businesses attended a B2B networking event and seminar on May 22 to seek partners as well as business and investment opportunities.
The event was held by the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) and the Indian Business Chamber in Vietnam (InCham Hanoi), aiming to promote bilateral trade and investment between the two countries.
Businesses include many famous names from India and Vietnam such as Saigon-Hue Investment Corporation, FLC Group, CMC Telecom, KinhBac City Development Holding Corporation, Bee Logistics Corporation, Indochine Counsel, IV International Co., Ltd., Tech Mahindra Ltd., MINDA Vietnam Automotive Co., Ltd., JAPFA Comfeed Vietnam Ltd., and others.
According to the participations, including the Ambassador of India to Vietnam, bilateral trade and investment ties have been growing stronger since the establishment of the Vietnam-India Comprehensive Strategic Partnership in 2016. In particular, the two-way trade revenue between Vietnam and India is on course to increase from $7.8 billion in 2015-2016 to $12.8 billion in 2017-2018, and is expected to hit $15 billion by 2020.
Both countries also have huge co-operation potential in the areas of healthcare, pharmaceuticals, energy, services, information technology, mining, and other sectors.
India is among the 30 biggest foreign investors in Vietnam with 223 projects with the total accumulated registered capital of $913.33 million as of April 2019, focusing on energy, industry park infrastructure development, IT, pharmaceuticals, and agriculture.
In the first four months of 2019, India ranked 22th among the countries and territories having investment in Vietnam with $28.44 million, according to the FIA.
