Indian Investors Keen on Steel Projects in Vietnam

Indian investors are now keen on investing in Vietnam’s steel industry, according to businessmen from the West Bengal State, who visited Ho Chi Minh City from Mar 2-4.

 

Besides, India also sees Vietnam as a potential investment destination for its information technology (IT), biotechnology, and agro & food processing projects.

 

The Vietnam Steel Corporation (VSC) is now preparing for negotiations with India’s Essar Group on establishing a joint-venture to build a hot laminated steel plant with total investment of US$300 million in southern coastal Ba Ria-Vung Tau province’s Phu My Industrial Park 1.

 

In the middle of this year, a Vietnamese business delegation will travel to India to seek cooperation in the IT field.

 

As of mid-January this year, India had invested US$45.4 million in 10 projects in Vietnam, focusing on sugar and cooking oil production, the oil and gas industry, and the pharmaceutical and plastic industries.