Indian businesses to promote trade in Vietnam

Tuesday, January 20, 2015 20:20

Deputy Prime Minister HoangTrung Hai said he was glad to see India is looking to boostcooperation with Vietnam in economics, trade, and investment, andthrilled that they consider Vietnam a centerpiece of their Look EastPolicy.

The Deputy Prime Minister made the remarkat a reception for Indian Deputy Minister of Commerce and IndustryRajeev Kher in Hanoi on January 20.

He notedthat the Indian government is providing increased support for Indianbusinesses looking to enter the Vietnamese market, especially forhigh-added value products.

The official suggestedthe two countries actively coordinate measures to implement agreementsand commitments between the two governments during Prime Minister NguyenTan Dung’s visit to India in October 2014.

Healso proposed India minimise trade and tariff barrier measures againstVietnamese exports, while encouraging businesses to increase tradeactivities in Vietnam and support Vietnamese partners looking toattend trade fairs and business forums in India.

The two sides must advance the implementation of oil and gasexploration agreements in Vietnam between the Indian multinationalOil and Natural Gas Corporation (ONGC) Videsh and the Vietnam Oil andGas Group (PetroVietnam).

Within the multilateralframework, the pair should actively work together to implement the FreeTrade Agreement (FTA) between the Association of Southeast Asian Nations(ASEAN) and India on goods and services and move forward withnegotiations for the Regional Comprehensive Economic Partnership (RCEP).

Rajeev Kher said India is eager to cooperate with Vietnamese partners in agriculture, health, trade, and industry.

He also said India hopes to assist and exchange experience withVietnam in other fields such as information technology and software,key strengths of his country, to enhance Vietnam’s competitivenessin the sectors.

India and Vietnam are working to bring their trade to 7 billion USD in 2015 and 15 billion USD in 2020.-VNA

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