A delegation from the northern province of Vinh Phuc, together with the Vietnamese Embassy in India and the Federation of Indian Export Organizations (FIEO), held a meeting with Indian enterprises in New Delhi on September 5 to call for investment in the Vietnamese province.

FIEO’s CEO Ajay Sahai said Vietnam is a potential market for Indian exporters particularly when the comprehensive partnership between two countries is growing strongly on the back of the close traditional ties.

Introducing the strength and potentials of Vinh Phuc, Secretary of the provincial Party Committee Pham Van Vong stated that the province’s biodiversity, convenient transport and a hardworking and creative workforce are just some of the many features that make Vinh Phuc the ideal location for foreign investors.

Currently, Vinh Phuc has attracted 167 foreign direct investment (FDI) projects from 14 countries and territories, worth close to 3 billion USD.

Vong emphasized that many foreign corporations have established their presence in the province, for example Honda and Toyota (Japan); Piaggio (Italy); De Hus (Netherlands); Foxconn, Compal (Taiwan, China); Daewoo, Sindoh (the Republic of Korea), adding that Minda company of India has invested in two projects in Vinh Phuc.

He announced that foreign investors in the province will be entitled to several local incentives besides those stipulated in government’s regulations, such as vocational training and project’s documentation fee support and assistance in labour recruitment.

Minister Counsellor of the Embassy of Vietnam in India Tran Quang Tuyen also affirmed that Vietnam and India’s trade and economic relations are expanding rapidly.

Since 1988, Indian investors have invested in 80 FDI projects in Vietnam, valued at a total of 2.1 billion USD, putting the country at the 12th position among 100 countries and territories investing in the country.

The first half of 2014 saw three Indian investment projects worth 750,000 USD licensed in Vietnam.

Bilateral trade between two states rose to 8.03 billion USD in 2013 from just 2.36 billion USD back in 2010.-VNA