Vietnamese firms seek to increase presence in India

New Delhi (VNA) – A lack of Vietnamese firms' presence in the Indian market is a shortcoming that has hindered trade between the nations, said Vietnamese Ambassador to India Pham Sanh Chau at a recent seminar.

The event introduced regulations and administrative procedures for setting up joint ventures in India, with Manan Agarwal, director of Indian consulting firm KrayMan Consultants LLP, as its keynote speaker. It was the first to be held among the 50 planned by the Vietnam Trade Office in India to provide information on the Indian market and trade promotion and investment in India in a bid to boost bilateral trade, given the two countries’ celebration of the 50th anniversary of their diplomatic relations this year (1972-2022).

Representatives of more than 50 Vietnamese companies, including five with intention for such joint venture establishment, participated in the seminar, where experts fielded their queries, particularly regarding India’s FDI attraction policies and the process for establishing a Vietnamese company in the country.

In his remarks, Do Quoc Hung, Deputy Director of the Ministry of Industry and Trade’s Asia-Africa Market Department, lauded the 50-event initiative, as a practical activity that helps Vietnamese and India enterprises find business opportunities and recover from the pandemic.

The ministry is willing to aid firms in seeking partners and removing their hurdles while operating in India, the official affirmed.

The Vietnam – India trade topped 13 billion USD for the first time in 2021, turning India into the 8th biggest trade partner of Vietnam. A goal has been set for the figure to hit 15 billion USD in the time to come./.