Indian, Vietnamese businesses promote cooperation
Indian, Vietnamese businesses promote cooperation
The Consulate General of India in Ho Chi Minh City in association with the Indian Chamber of Commerce (ICC) and the Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC) successfully organized the hybrid ‘2nd Edition of India – Vietnam Business Forum’ on March 17. The Business forum aimed to provide a platform for companies from both sides to explore partnership and investment opportunities in 6 important sectors, including engineering, supporting industries, digital, e-commerce, retail and agro-food.
The business forum had the participation of about 320 Indian and Vietnamese businesses.
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Pranay Verma, Indian Ambassador to Vietnam remarked that India and Vietnam have shared strong bilateral relations historically, and for the past two decades, trade between the two countries has risen considerably. The bilateral trade turnover between the two countries reached US$13 billion in 2021 for the first time. While there has been impressive growth in bilateral trade between India and Vietnam in the past few years, there is still huge untapped potential in bilateral trade and investment in both countries given India’s and Vietnam’s strengths.
Vo Van Hoan, Vice Chairman of the People’s Committee of Ho Chi Minh City stated that in 2021, two-way trade turnover reached USD1.45 billion, a 30% increase from 2020. With Ho Chi Minh City’s socio-economic recovery plan for the period of 2022 – 2025, he requested Indian friends to join hands with the City Government to implement mutually beneficial investment cooperation projects and soon reach the target of US$15 billion in bilateral trade between both the countries.
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Sumita Dawra, Additional Secretary, Department for Promotion of Internal Trade, Ministry of Commerce & Industry, highlighted the need to turn the supply chain disruption caused due to the pandemic to the advantage of both countries. She invited investors and businesspersons from Vietnam to explore India.
Dr. Rajeev Singh Tyagi, Director General, Indian Chamber of Commerce gave an overview of the trade relations between the two countries with India's main exports to Vietnam including iron and steel, cotton, fish, electrical, electronic equipment machinery, boilers, etc. Exports from Vietnam to India include mobile phones, electronic components, machinery, computer technology, natural rubber, chemicals, and coffee.
Representatives from Invest India, Department of Information and Communication of Ho Chi Minh City, Vietnam E-Commerce Association and ECONOMICA Vietnam also participated and made presentations on different topics like New India growth story, Investment Opportunities in Agro & Food Sector/Engineering & Supporting Industries/Retail in India and Investment Opportunities in Digital sector/ E-commerce/ Engineering & Support Industries in Vietnam.
Following the remarks session, about 50 companies from India and Vietnam joined the B2B session to discuss potential trade and investment opportunities in Agro-Food and retail sectors. This event is first of the fifty investment engagement events planned by the Indian consulate in 2022 to commemorate the 50 years of establishment of diplomatic relationship between India and Vietnam.
