An overview of the forum (Photo: VNA) New Delhi (VNA) – Vietnam can become a gatewayfor Indian businesses and goods to enter other large markets, according to DoQuoc Hung, head of the Asia-Africa Market Department under the VietnameseMinistry of Industry and Trade.
Hung, who led the Vietnamese delegation to the Vietnam-Indiatrade-investment-tourism promotion forum in New Delhi on November 13, saidVietnam can help India penetrate the markets of ASEAN and partners in 12 freetrade agreements the country has signed, especially the Comprehensive andProgressive Agreement for Trans-Pacific Partnership and the EU-Vietnam FreeTrade Agreement.
This is a foundation for Vietnam to integrate into the worldat a new level, open up broader cooperation space for its development andcreate a favourable environment for foreign investors, Hung said at the eventwhich drew more than 200 delegates from Vietnamese and Indian businesses.
According to Hung, the world and the region are experiencinggreat instability. Protectionism and trade tension among world powers haveslowed down regional and global trade expansion, negatively impactingallregional countries, including India and Vietnam, he said.
However, he said with its potential, advantages and efforts,Vietnam is improving its business environment and offering more favourableconditions for foreign investors to do business in the country.
Amidst the difficult world and regional economic situation,Vietnam and India should foster collaboration to overcome challenges andcontinue developing for common prosperity, he said.
Hung said Vietnam always welcomes Indian firms who are keenon investing in the country and seeking partnerships with local businesses.
Statistics showed India is one of the leading trade partnersof Vietnam, and the most important partner in South Asia.
According to the General Department of Vietnam Customs, lastyear, two-way trade reached 10.68 billion USD. So far, India has run 223projects in Vietnam with total capital of 913.33 million USD.
India ranks 26th out of 131 foreign investors inVietnam./.
VNA
