Recently, the People’s Committee of Phu Tho province, jointly with the Vietnam Chamber of Commerce and Industry (VCCI) and the Ministry of Industry and Trade, held a seminar on doing business with Indian.
At the seminar, representatives were introduced to trade and investment partnership between Vietnam and India, the impact of the Free Trade Agreement (FTA) between the ASEAN and India on Vietnam’s entrepreneurs, the potential for developing the Indian market, the traditions, customs clearance and policies on import and export of India, and the business environment and projects calling for investment of Phu Tho province. The seminar promoted deep and thorough understanding of the commercial investment partnership and the business environment in India, as well as investment opportunities for the two countries’ enterprises in Phu Tho province.
Within the framework of the seminar, Mr Hoang Cong Thuy, Vice Chairman of the People’s Committee of Phu Tho province, stated that in recent years, investment from other provinces and from foreign countries into Phu Tho provinces has gradually increased. Specifically, by August, 2012 the number of granted projects is 131, with registered capital of VND24 trillion. Particularly, from 2011 until now, Phu Tho province has attracted 19 projects with invested capital of over VND1.2 trillion, which brought the total number of valid projects in the area to 127, with registered capital of over VND24 trillion.
Mr Hoang Cong Thuy expected that with continued commitment to improving its investment environment with synchronous solutions, Phu Tho province could be an attractive investment destination for domestic and foreign enterprises, particularly those from India.
In recent times, trade relations between Vietnam and India have seen positive progress. According to the General Statistics Office of Vietnam, in the first quarter of 2011, the two-way trade turnover between Vietnam and India reached US$1 billion, 50 percent higher than that of the same period in 2010. Specifically, exports reached US$292 million and imports reached US$708 million. In the first quarter of 2010, export turnover to India increased by 88.3 percent compared to 2010. The export of value-added products such as steel, coffee, rubber, machinery, computers, electronic products and spare parts has also increased. Of these, steel grew 48.8 percent (US$53.7 million), coffee 22.2 percent (US$11.4 million), rubber 75 percent (US$7.5 million), machinery 133 percent, and finally computers, electronic products and spare parts at 38.4 percent. In the first quarter of 2011, Vietnam’s cattle feed ingredients import turnover from India reached US$253 million, 60 percent up year-on-year. Imports of cotton of all types reached US$58.6 million, increasing 52.6 percent year-on-year.
At the seminar, Mr Tran Quang Huy, Deputy Director General of the South West Asia and Africa Market Department (Ministry of Industry and Trade), delivered a speech on the potential for economic and commercial cooperation between Vietnam and India and the impact of the ASEAN – India FTA on Vietnam’s enterprises. He also mentioned the potential for developing commercial relations with the Indian market and promoting trade between Vietnam and India. Mr Tran Quang Huy emphasized the importance of direct contact between enterprises, the getting into the Indian market by opening representative offices or branches, and promoting trade with this market.
Vietnamese
