National Assembly Chairman Vuong Dinh Hue witnesses the exchange of cooperation deals between Vietnamese and Indian businesses at the event (Photo: VNA) The event was co-organised by the Indian Consulate Generalto the city, the Indian Chamber of Commerce (ICC), and the municipal Investmentand Trade Promotion Centre (ITPC).
Pranay Verma, Indian Ambassador to Vietnam, said economicand trade ties are important pillars of the two countries’ comprehensivestrategic partnership.
Vietnam-India bilateral trade increased rapidly from 200 million USDin 2000 to more than 13 billion USD in 2021 and the two countries are aiming for 15 billion USD this year. As of February 2022, India ranked25th out of 140 countries and territories investing in Vietnam with 315 validprojects worth more than 918 million USD, mostly in the processing industry,manufacturing, electricity productionand distribution, and mining. On the other hand, Vietnam had nine investmentprojects, mainly wholesale and retail ones, in India, whose total value exceeded6 million USD.
Bilateral trade and investment ties in the past time, however, are yet tocommensurate with the nations’ potential, the ambassador noted, adding that thecurrent period, when both India and Vietnam are emerging from the shadow ofCOVID-19 and focusing on a rapid economic recovery, is the perfect time to workon promoting their cooperation toward better effectiveness.
The COVID-19 pandemic has caused supply chain disruptions,but it has also pushed countries and businesses to interact more with eachother via technology applications, and that's where new business opportunitiesemerge, Verma said.
Policy similarities and the spirit of self-reliance of thetwo peoples are a solid basis for the countries to tap the potential forcooperation in trade and investment, said Verma.
Agreeing with the diplomat, Vo Van Hoan, Vice Chairman ofthe municipal People’s Committee, said bothVietnam and India are receiving large amountsof foreign investment, opening up opportunities for them to enter the post-pandemiceconomic recovery period.
Sumita Dawra, head of the Indian Department for Promotion ofIndustry and Internal Trade (DPIIT) said India has strengths in IT,pharmaceuticals, oil and gas, and experience in the production of iron andsteel, footwear and cotton yarn. These fields are suitable for Vietnamesebusinesses to seek partnership to develop domestic production and integrate deeper in the global supply chain.
Extensive room remains for their joint works regarding investmentand trade in agricultural products as well as for mutual support in processingtechnology, she added.
ICC Director General Rajeev Singh said Indian businesses areincreasingly interested in collaborating with Vietnamese businesses.
In the coming time, in addition to promoting theimplementation of large-scale investment projects, the ICC will work to enhance connectivitybetween Vietnamese and India SMEs to maximize the potential and strength of each side, he said./.
VNA
