HCM City vows to create optimal conditions for Indian investors

HCM City (VNA) – Ho Chi Minh City will create favourable conditions and a better business climate for foreign investors, including Indian entrepreneurs, said Chairman of the municipal People’s Committee Nguyen Thanh Phong on April 22.

While hosting a reception for General Vijay Kumar Singh, Indian Minister of State for External Affairs, Phong hailed the Indian guest’s visit to Vietnam, describing it as a practical activity to celebrate the 45th founding anniversary of Vietnam-India diplomatic relations and the 10th anniversary of the establishment of the strategic partnership.

Vietnam and India have strengthened cooperation in the fields of politics, economy, trade and investment and culture, he added, saying that cultural exchanges and cooperation in human resources development have greatly benefited their people.

However, Phong said the flow of Indian investments into HCM City has failed to match with the potential and desires of both sides. India now ranks 26th out of 80 countries and territories investing in the city with 55.7 million USD poured into 55 valid projects.

For his part, Singh expressed his delight at the progress of Vietnam-India relations as well as HCM City- India ties.

Leaders of the two countries have a common view in which they want bilateral economic cooperation to become a driving factor of the two countries’ relations, he said.

Singh affirmed that India would work hard to raise the two-way trade value to 20 billion USD by 2020 and encourage India enterprises to invest in HCM City and neighouring areas.

India looks forward to implementing joint projects and bilateral agreements with the city in the fields of trade, investment, tourism, education and information technology, he noted.

Earlier, Singh attended a show of Indian classic dances in Hanoi on April 21 night where he and Vietnamese officials together performed India’s light-up rituals.-VNA