HCM City (VNA) – A business and investment seminar was held in Ho Chi Minh City on August 26, aiming to create business opportunities and connect enterprisesꦛ of🐻 Vietnam and India.

In his remarks at the event, Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry’s HCM City Branch, said India is among the top 10 trading partners of Vietnam, part of India's “Look East policy” as reflected in the multi-faceted cooperation between the two countries in recent years. Bilateral trade reached 7.18 billion USD in the first half of the year, up 2% year-on-year. Liem said that Vietnam and India look forward to reaching 20 billion USD in bilateral trade at the soonest. To achieve this goal, Vietnam and India need to further strengthen cooperation in fields where the two sides have strengths and competitive advantages and complement each other such as minerals, chemicals, textiles, footwear, energy, healthcare - pharmaceuticals, supporting industries, machinery and equipment, auto parts, agricultural machinery, and information technology. In terms of investment, as of April, Indian firms had invested 1.02 billion USD in 402 projects, ranking 26th out of 141 countries and territories investing in Vietnam, he said, noting that India's investments are mainly in biotechnology, automation, new materials, and clean energy. Participants at the seminar were provided with useful information about the investment environment and policies for developing economic and trade relations between the two countries by many Indian trade and investment promotion agencies. Vietnam has emerged as a key player in the global textile supply chain, known for its efficiency and competitive edge, while India, with its rich textile heritage and advanced manufacturing capabilities, is a leading country in textile production. By synchronising India’s innovation and Vietnam’s cost-effectiveness, they can create a powerful alliance that promotes sustainable textile development, improves production efficiency, opens up new markets, and meets the growing global demand for high-quality textiles. Regarding the food industry, Vietnam and India possess a rich tapestry of culinary traditions and agricultural resources, thus, the two countries can enhance food security, promote sustainable practices, and introduce diverse and nutritious food products to international markets by partnering. Their combined efforts could lead to innovation in food technology, improved supply chain management, and increased exports. Madan Mohan Sethi, Indian Consul General in Ho Chi Minh City, said the event drew the participation of representatives of Punjab State and 25 Indian companies engaged in agriculture - food, construction materials, chemicals, pharmaceuticals, general trading, mechanical engineering, garment, and information technology, along with the Vietnamese business community. There was a B2B interaction between more than 100 businesses from the two sides, offering opportunities for them to seek new partners and strengthen existing partnerships./.