Indian Biz Eye Mineral Exploitation in Vietnam

Indian mining firms are keen on investment in the mineral-rich country of Vietnam, said the Indian Chamber of Commerce (Incham) at a seminar opened in Hanoi Mar 27.

 

Representatives from the Vietnamese Ministries of Planning and Investment, Industry and Trade, Natural Resources and Environment, India's Tata Steel Group and many Indian businesses operating in Vietnam gathered at the event co-organized by the Indian Embassy in Vietnam and the Incham.

 

According to the Incham's statistics, investment in mineral exploitation in Vietnam is falling sharply. Since early 2008, total investment in this field has accounted for nearly 1 per cent of the country's total FDI.

 

By late December 2008, Indian enterprises had invested in 30 projects worth US$195.6 million in fields of oil and gas, rubber and steel production in Vietnam, said the Ministry of Planning and Investment.

 

Currently, India ranks 30th out of 84 countries and territories investing in Vietnam. (Vietnam Economic Times, VNS)