Indian engineering firm wants to enter Vietnamese market
General Manager of International Business at Escorts Sonal Tyagi has expressed his wish to build tractor manufacturing facilities in Vietnam and transfer technology to Vietnamese partners.
Illustrative image (Source: VNA)During a working session with a delegation from the Vietnamese embassy’s Trade Office in India, Tyagi hailed Vietnam as a market with human resources of importance to Escorts.
He hoped that Vietnam could become a centre of manufacturing tractors for domestic use and export to third countries, particularly ASEAN member states.
Escorts was established in 1944 and began manufacturing tractors in 1969. Its major markets are Europe and Africa, not to mention a massive distribution network spreading across more than 40 countries, including Laos, Cambodia, Myanmar, Indonesia and Malaysia.
It has a 600-strong staff working in seven factories in Faridabad city and a training centre in Bangalore city, he said.
Vietnamese Ambassador Ton Sinh Thanh, for his part, urged Indian firms, including Escorts, to invest in building factories and assembly lines in Vietnam.
He pledged that the Vietnamese embassy in India is ready to offer all possible support to Indian firms and Escorts in particular to seek business opportunities.
Both sides discussed Escorts’ strength and potential as well as the possibility of partnering with major Vietnamese engineering enterprises in farming and construction.
Following the working session, the Vietnamese delegation visited Escorts’ tractor manufacturing factory.-VNA
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