Vietnam expects Indian firms to invest more in Vietnam, Deputy Prime Minister Trinh Dinh Dung said at the Vietnam-India Business Forum held in Hanoi on 19/11.
The fields expected to lure Indian investment include renewable energy, manufacturing industry, information technology and infrastructure construction, he said.
Vietnam also hopes to promote more effective co-operation with India based on supporting each other and the strengths of the two countries, Dung said.
To reach bilateral trade value of US$15 billion, Dung suggested both sides intensify investment in the fields that India has strength and Vietnam has demand, expand aviation and maritime connectivity, reduce and step and step remove trade barriers, and facilitate import-export activities.
Meanwhile, initiatives such as ‘Made in India’, ‘Digital India’ and ‘100 smart cities’ will create more opportunities for co-operation in investment and business for companies of the two countries, according to Dung.
Regarding future bilateral trade co-operation, Indian President Ram Nath Kovind said at the forum that the two countries could co-operate in information technology, digital economy, renewable energy, healthcare and civil aviation.
India also wants to learn from Vietnam in the fields of urban infrastructure development and tourism, he said.
President Kovind affirmed Vietnam is one of India’s important trading partners in Southeast Asia and India is one of Vietnam’s leading trade partners.
Agriculture is an important field in the cooperation between the two countries. India can learn from Vietnam’s agricultural development in coffee, cashew nuts, fruits and vegetables.
As the third largest medicine producer in the world, India can help Vietnam improve health care service quality and provide cheaper medicine for people, he said, adding that Indian pharmaceutical companies look forward to opening up drug factories in Vietnam.
With effective solutions to digital connection, economic reform, population control and favourable environment for startup, India hopes to become the third largest consuming market in the world in 2025, the President said, adding that the country has started building new generation infrastructure with 100 smart cities and seven high-speed railway corridors, along with broad-band connections.
Last year, India constructed 10,000km of national highway and reformed its tax system, helping it move 65 spaces to the 77th position in business environment index of the World Bank from the 142nd place in 2014. Its inflation was kept at 3.3 per cent, while foreign currency reserve was $400 billion.
During the forum which was organised during the Indian President’s trip to Vietnam from November 18-20, representatives from Indian and Vietnamese businesses discussed opportunities in agriculture, food and food processing, healthcare and medicine, renewable energy, and petroleum, among others.
A delegation of 80 Indian companies attended the forum held by the Federation of Indian Chambers of Commerce and Industry and the Associated Chambers of Commerce and Industry of India in collaboration with the Vietnam Chamber of Commerce and Industry.
Vietnam-India trade value has increased over the years, with India now one of the 10 largest trading partners of Vietnam.
Bilateral trade value rose 16 per cent during 2008-13. In the first nine months of this year, the figure hit $8.3 billion, up 4.1 per cent year on year.
The two sides are aiming for two-way trade of $15 billion by 2020.
By the end of May, total investment of India in Vietnam reached $816 million, with 182 projects, including $67 million in the first five months of this year.
Up to now, Vietnam has pumped $6.15 million into seven projects in India.