“Vietnam always plays a strategic role and an important destination in Indian policy of “Looking East”, said Indian Consul General in Ho Chi Minh City, Mr Abhay Thakur at “Vietnam-India Trade Forum” co-sponsored by VCCI-HCMC and Federation of Indian Commerce and Industry (FICI) on the occasion of the visit of Indian Secretary of External Affairs to attend the meeting of Vietnam-India Mixed Committee.
In an opening statement, VCCI-HCMC Director Vo Tan Thanh disclosed that since the upgrading of diplomatic and economic relations to strategic partnership in July 22007, bilateral trade between Vietnam and India has increased vigorously. The bilateral trade value increased from nearly US$1.02 billion in 2006 to US$1.53 billion in 2007, US$2.48 in 2008 and US$2,05 billion in spite of global economic crisis, and US$2.755 billion in 2010. India now ranks 11th among the main export markets of Vietnam. In the first seven months of 2011, the two-way trade value was over US$2 billion, 41 percent more than the same period last year, with US$1.3 billion by import from India and US$739 million by Vietnamese export. With stable quality, reasonable prices, diversified products, Vietnamese exports can rapidly find a foothold in Indian market. Mr Thanh emphasized that Vietnamese export to India is most encouraging and gaining momentum. India has a big population and big rich-poor gap, Vietnamese businesses can find different segments of customers and markets.
Regarding investment, many ranking Indian economic groups have established offices and started efficient investments in Vietnam in mineral exploitation, auto industry, steel, gas and oil, energy, etc. Since early this year, India has 9 new investment projects in Vietnam with total capital of US$11.2 million. Some projects will start operating this year such as constant coffee project in Dak Lak, black coal powder plant in Vung Tau, animal feed processing factory in Tay Ninh. VCCI has signed cooperation agreements with FICI, Association of Indian Exporters to assist businesses of the two countries to find export partners and participate in Vietnam-India Business Council in the framework of Vietnam-India Mixed Committee. Mr. Thanh expressed the hope that at the Forum this time, businesses of the two countries would share experiences and find new business opportunities. For its part, VCCI-HCMC will support the connectivity in business planning between Vietnamese and Indian businesses.
In response, Mr Abhay Thakur said that Indian businesses have increasing interest in Vietnamese market not only in traditional items but also in energy, telecommunication, agriculture, banking, insurance, etc. The target of US$5 billion by 2015 in bilateral trade will offer important business opportunities for both Vietnam and India and encourage Indian companies to increase cooperation with Vietnamese partners.
Mr Abhay Thakur also said that Indian business delegation to Vietnam this time comprises of important companies investing in infrastructure, energy, real estate, information technology, education, and banking. Business opportunities in Vietnam are most promising and Indian companies have great interest and are steadily approaching this market.
Hong Hanh
Vietnamese
