India: an important economic partner of Vietnam

Wednesday - 16/11/2016 16:12
India: an important economic partner of Vietnam

Ilateral economic relations between Vietnam and India, especially in trade and investment, have developed rapidly over past years, experts have said. India was one of Vietnam's top 10 trading partners, with bilateral trade reaching US$5.1 billion in 2015 and US$2.9 billion in the past seven months of this year.

 

Vietnam mainly exported mobile phones, computers, electronic products and components, coal, rubber, ore and farm produce to India. Its imports from this country included materials for animal feed production, medicine, and machinery. In term of investment, Vietnam had become an attractive destination for Indian companies, which had 118 investment projects worth US$439 million in Vietnam by the end of 2015, making their country rank 28th among 62 countries and territories investing here. 

By the end of last September, India poured an additional US$85 million into Vietnam, raising its total investment capital to US$524 million, mostly in mining, oil and gas, mineral and farm produce processing, and information technology. 

Experts said that the strategic partnership between the two countries had enjoyed good prospects for further development, especially when the ASEAN - India Free Trade Agreement (FTA) had been signed.

The two governments had also created the most favorable conditions for business communities to accelerate their co-operation in wide range of areas including trade and investment.

During the recent meeting with President of Confederation of Indian Industry Naushad Forbes in Hanoi, Vietnamese Deputy Prime Minister Vuong Dinh Hue called for Indian businesses to invest more in Vietnam, which had joined 10 FTAs of key regions in the world, Vietnam News Agency reported.

The Deputy PM said the business and investment environment in Vietnam had improved greatly thanks to the revised laws on enterprises and investment. The Vietnamese government was creating favorable conditions for both domestic and foreign investors with the aim of having one million domestic enterprises by 2020.

He also outlined electricity, renewable energy, IT, textile and garment as well as footwear as sectors that Vietnam needed more Indian investment.

Meanwhile, President of Confederation of Indian Industry Naushad Forbes expressed his trust in the economic ties between the two countries.

He said the current bilateral trade turnover, did not match both sides’ potential while pleading to do more to promote long-term investment and trade ties in the time ahead.

Earlier, the president spoke to Vietnam Business Forum Newspaper that Indian businesses had showed increasing interests in Vietnam’s investment opportunities in such sectors of energy, agriculture, finance, oil and gas, healthcare, information technology and education.

He called for Vietnamese businesses to seek opportunities in India.

Naushad Forbes, who also chairs Forbes Marshall, an engineering and energy conservation solutions provider, also spoke highly of Vietnam's investment environment.

Sanjay Kirloskar, chairman and managing director of Kirloskar Brothers Limited, said besides implementing two projects in Vietnam, he hoped to expand his company's investment in the country.

“We want to introduce advanced technology in pump manufacturing to contribute to reducing flooding and drought in the country's provinces and cities, especially in HCM City and the (Mekong) Delta,” Sanjay Kirloskar told the newspaper./.

Source: Vietrade

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