The event saw the Vietnamese - Indian business community provided with a range of useful information detailing the investment environment and policies aimed at developing economic and trade relations between the two sides.
Upon addressing the event, Dr. Madan Mohan Sethi, Consul General of India in Ho Chi Minh City, emphasized that this function was attended by representatives of India’s Punjab State government and 25 prestigious corporations, manufacturers, along with the Vietnamese business community.
Most notably, there are enterprises operating in the fields of farm produce, food, construction materials, chemicals, pharmaceuticals, mechanical engineering, garment and textile, and information technology, he added.
Tran Ngoc Liem, director of the Vietnam Chamber of Commerce and Industry (VCCI), Ho Chi Minh City branch, revealed that Vietnam and India have set a goal of achieving two-way trade turnover of US$20 billion in the near future,
Liem added that both nations are required to step up co-operation in advantageous fields to support each other and achieve the set target in the time ahead.
Insiders pointed out that the Vietnamese side has emerged as a key player in the global textile supply chain, while India, boasting advanced manufacturing capabilities, is a world leader in textile production.
Therefore, the combination of India’s technological innovation strengths coupled with Vietnam’s cost-effectiveness, has duly contributed to boosting sustainable development, improving production efficiency, expanding new markets, and meeting the global demand for high-quality textile products.
According to experts, there is ample room ahead to step up bilateral investment and trade co-operation over the coming time. Bilateral trade turnover between the two countries in the first half of the year reached US$7.18 billion, up 2% on-year.
Vietnam and India have signed the Agreement on Avoidance of Double Taxation, the Agreement on Promotion and Protection of Investment and the Agreement on Trade and Economic Cooperation.
With regard to investment, India had 402 investment projects in the Vietnamese market with a total registered capital of US$1.021 billion, ranking 26th out of 141 countries and territories investing in Vietnam. Indian investment projects mainly focus on the fields of biotechnology, automation technology, new material technology, and clean energy.
