Party chief welcomes Indian investors

Vietnam always welcomes investors from India and creates favourable conditions for them to do long-term and effective business in the country.
Vietnam always welcomes investors from India and creates favourable conditions for them to do long-term and effective business in the country.

Visiting General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong made the declaration while attending the Indian Business Forum in Mumbai on November 22 as part of his State visit to India.

He noted with pleasure that trade and investment cooperation between Vietnam and India is growing strongly.

India has become one of the 10 largest trade partners of Vietnam and their two-way trade has enjoyed an annual growth of over 12 percent in recent years, reaching 3.94 billion USD in 2012.

The two sides target 7 billion USD in bilateral trade by 2015 and 15 billion USD five year later.

By June 2013, Indian had 74 projects in Vietnam with a total registered investment of over 252.2 million USD.

Party leader Trong told representatives from leading Indian companies and groups that during the visit, he and Indian Prime Minister Manmohan Singh witnessed the signing of a series of important cooperation documents between the two countries.

However, he noted that bilateral economic-trade cooperation remains modest and short of its potential, and expressed his wish that the two sides, including their businesses, exert more efforts to foster cooperation in a practical and effective manner.

Regarding the prospects for further strengthening bilateral trade and investment cooperation, the Party leader said that the time-honoured relations between Vietnam and India have become closer than ever since their strategic partnership was established in 2007.

Party General Secretary Trong said that potential for cooperation between the two countries is huge and must be exploited.

Vietnam and India always work closely and support to each other at the regional and international forums and now Vietnam is willing to serve as bridge to help Indian enterprises penetrate the ASEAN market, he said.

The leader also expressed his believe that with the potential of each country and the determination of their people, the cooperation between the two will develop incessantly in the future, especially in economics, trade and investment.

Representatives from India’s industrial and commercial offices and businesses expressed their impression on Vietnam and its culture and people.

They said that the traditional relations between the two countries and their cultural similarities will continue to benefit them in the future.

They stressed that Vietnam is an attractive destination for Indian investors, as Indian enterprises hope to strengthen cooperation with Vietnam in the fields such as oil and gas, steel, thermal power, IT, sugar production, food processing, infrastructure development, pharmacy and human resources training to contribute to mutual prosperity in the region.

Representatives also suggested Vietnam consider longer visa for foreign workers, open direct air routes between the two countries and further facilitate Indian investors’ business in Vietnam.

Deputy Prime Minister Nguyen Xuan Phuc and ministers in the Vietnamese delegation briefed participants of Vietnam’s development policies and addressed concerns by Indian businesses.

Earlier, Party Central Committee’s External Relations Commission head Hoang Binh Quan had a meeting with K.L Malhotra, Chairman of the India-Vietnam Friendship Association, and G. Sharma, President of the India-Vietnam Solidarity Committee in West Bengal.

He said Vietnam appreciates the support Indian people to Vietnam in the struggle for independence in the past as well as its current reforms.

Quan said he is happy that the Vietnam-India ties have grown in politics, economics, defence and security, while people-to-people exchanges have been broadened with various forms.

Applauding the active and effective cooperation of the India-Vietnam Friendship Association and the India-Vietnam Solidarity Committee in West Bengal, Quan said he believes that in the future the two organisations will continue working closely with the Vietnamese Embassy in India and the Vietnam-India Friendship Association to conduct more activities to further boost solidarity, friendship and mutual understanding between the two peoples, contributing to beefing up the strategic partnership between Vietnam and India.

Both Malhotra and Sharma emphasised the significance of General Secretary Trong’s visit to India.

They pledged to continue contributions to strengthening the solidarity and friendship between the two peoples.-VNA

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