Friday, August 18, 2017 - 15:46:49

Vietnam, India seek to promote economic ties

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Representatives from more than 30 Indian businesses operating in medicine, industrial machinery and equipment, handicrafts and food and farm products, attended a workshop in Ho Chi Minh City on December 6.

Organised by the city’s Investment and Trade Promotion Centre (ITPC) in conjunction with the Indian Consulate General in HCM City and the Federation of Indian Export Organisations (FIEO), the event to boost cooperation between the two countries’ enterprises.

According to Consul of the Indian Consulate General in HCM Manoj Kumar, the policies to promote relations between Vietnam and India are expected to bring many opportunities to the two sides’ businesses communities.

The workshop provided a good chance for the enterprises to seek partners and business opportunities in each other’s markets, he said, adding that the two nations are now attractive destinations for foreign investors and businessmen.

He affirmed that his agency will always use its role as a bridge connecting the two sides’ business communities and create favourable conditions for Vietnamese enterprises to expand their investment and business in India.

In recent years, Vietnam and India have developed comprehensively in the fields of economics, politics, sci-technology, culture and education. Both countries are considered as potential markets in the world with their annual great economic growth.

Participants said that cooperation between the two countries will see increasingly positive results in the future when the India-ASEAN Free Trade Agreement is signed and a direct air route from India to Ho Chi Minh City is implemented next year.

The two countries set a target of reaching a bilateral trade turnover of 7 billion USD by 2015 and 15 billion USD by 2020.

Nguyen Tuan, ITPC Deputy Director, said along with fostering trade liberalisation and integrating into the international economy, the Indian and Vietnamese business communities had many opportunities to invest in each other’s market.

HCM City plays an important role in pushing up economic and trade partnership between the two sides, Tuan noted, stressing that the city also strives to be an attractive market for foreign investors, including those from India.

In the first nine months of 2013, the city’s total export turnover to India reached 522 million USD. India has 24 investment projects in the city with a total registered capital of 5.16 million USD.

India is now one of the key economic partners of Vietnam, with two-way trade recorded at over 3.9 billion USD in the first three quarters of this year.

Vietnam mainly imports corn, animal feed, medicine and fabric from India, while exporting computer and mobile phone, machinery, coffee and rubber to the market.-VNA

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