Illustrative image (Photo: tapchitaichinh.vn) HCMCity (VNA) - Opportunities to enhance trade and investment in varioussectors between India and Vietnam were discussed at a seminar in HCM City onNovember 2.
NguyenThanh Binh, director of the Trade Information Centre belonging to the Vietnam Chamberof Commerce and Industry, HCM City branch, told ‘Business Outlook SeminarSeries India – Vietnam Trade and Investments’, held by the Indian BusinessChamber in Vietnam, that trade between the two countries has been growingsteadily in recent years to reach 11.2 billion USD last year.
But India is only the 26th largest investor in Vietnam, and there is much moreroom for Indian companies to invest in this country to take advantage of itseconomic environment, strategic location, young population, cheap labour, andglobal market access due to free trade agreements that Vietnam has concludedsuch as the CPTPP and the EU-Vietnam FTA.
“Through talking with Indian promotion agencies, we realise that Indiawants to enhance investment in Vietnam in the coming time.”
Ramesh Anand, chairman of the Indian Business Chamber in Vietnam (Incham),said, “It is exciting to say that we are witnessing an increase in interestamong Indian investors in Vietnam.
“We believe that the Indian economic presence in Vietnam in the coming yearswill be significant, beneficial and acknowledged.”
Binh said Vietnam is in the process of building infrastructure, and needsinvestment but also expertise in energy and ports.
Under its plan to attract FDI the Government is promoting foreign investment inmanufacturing, services, high-tech agriculture, and high-value tourismservices, he said.
Pharmaceuticals and medical equipment manufacturing, health and educationservices, financial services and technology, information technology, andintellectual services (knowledge process outsourcing) are among the country’s priorityfor investment in the medium term, he said.
The country’s plan to attract new FDI wants “quality investment.”
India has strengths in pharmaceuticals, oil and gas, IT and services, andhis country wants to attract Indian investment in these sectors, he said.
“We want Indian companies to invest in the pharmaceutical sector in Vietnam.”
In the garment and textile sector, Vietnam wants Indian firms to increase thesupply of various kinds of yarns and fabrics, he said.
Anup Kumar Dave, general director of Kirby South East Asia Co., Ltd, saidinvestment opportunities are also available in steel, solar energy and electriccar manufacturing.
“Vietnam’s steel industry is on a growth path and a gap of 8.7 million metrictonnes exists between demand and supply. It imports from China, the Republic ofKorea, India, Taiwan, and Japan to meet demand.
“New facilities are being built. It will take three to five years before steelproduction can basically satisfy the market demand.
“Investment in hot-rolled steel coils and electromagnetic steel sheetsmanufacturing is being solicited by the Vietnamese Government.
“We see a lot of investors from India are coming in Vietnam to invest in solarpower.”
The Government will consider scaling back plans for coal-fired plants andoffering investment opportunities in renewables instead, he said.
Anand said: “From time to time we request Government departments to informIncham about investment opportunities in HCM City and neighbouring provinces.This would enable our members and business houses in India to explore theseopportunities.”
Incham acts as a catalyst to promote India – Vietnam trade and culturalexchanges, and the seminar was an activity meant to help stakeholders furtherunderstand and promote industry in the changing environment, he said./.
NguyenThanh Binh, director of the Trade Information Centre belonging to the Vietnam Chamberof Commerce and Industry, HCM City branch, told ‘Business Outlook SeminarSeries India – Vietnam Trade and Investments’, held by the Indian BusinessChamber in Vietnam, that trade between the two countries has been growingsteadily in recent years to reach 11.2 billion USD last year.
But India is only the 26th largest investor in Vietnam, and there is much moreroom for Indian companies to invest in this country to take advantage of itseconomic environment, strategic location, young population, cheap labour, andglobal market access due to free trade agreements that Vietnam has concludedsuch as the CPTPP and the EU-Vietnam FTA.
“Through talking with Indian promotion agencies, we realise that Indiawants to enhance investment in Vietnam in the coming time.”
Ramesh Anand, chairman of the Indian Business Chamber in Vietnam (Incham),said, “It is exciting to say that we are witnessing an increase in interestamong Indian investors in Vietnam.
“We believe that the Indian economic presence in Vietnam in the coming yearswill be significant, beneficial and acknowledged.”
Binh said Vietnam is in the process of building infrastructure, and needsinvestment but also expertise in energy and ports.
Under its plan to attract FDI the Government is promoting foreign investment inmanufacturing, services, high-tech agriculture, and high-value tourismservices, he said.
Pharmaceuticals and medical equipment manufacturing, health and educationservices, financial services and technology, information technology, andintellectual services (knowledge process outsourcing) are among the country’s priorityfor investment in the medium term, he said.
The country’s plan to attract new FDI wants “quality investment.”
India has strengths in pharmaceuticals, oil and gas, IT and services, andhis country wants to attract Indian investment in these sectors, he said.
“We want Indian companies to invest in the pharmaceutical sector in Vietnam.”
In the garment and textile sector, Vietnam wants Indian firms to increase thesupply of various kinds of yarns and fabrics, he said.
Anup Kumar Dave, general director of Kirby South East Asia Co., Ltd, saidinvestment opportunities are also available in steel, solar energy and electriccar manufacturing.
“Vietnam’s steel industry is on a growth path and a gap of 8.7 million metrictonnes exists between demand and supply. It imports from China, the Republic ofKorea, India, Taiwan, and Japan to meet demand.
“New facilities are being built. It will take three to five years before steelproduction can basically satisfy the market demand.
“Investment in hot-rolled steel coils and electromagnetic steel sheetsmanufacturing is being solicited by the Vietnamese Government.
“We see a lot of investors from India are coming in Vietnam to invest in solarpower.”
The Government will consider scaling back plans for coal-fired plants andoffering investment opportunities in renewables instead, he said.
Anand said: “From time to time we request Government departments to informIncham about investment opportunities in HCM City and neighbouring provinces.This would enable our members and business houses in India to explore theseopportunities.”
Incham acts as a catalyst to promote India – Vietnam trade and culturalexchanges, and the seminar was an activity meant to help stakeholders furtherunderstand and promote industry in the changing environment, he said./.
VNA
