Indians invested $150m in last 7-8 months in Ho Chi Minh City
India should handhold Vietnamese investors, who have made US$200-$300 million investments in recent past, says Dr. Madan Mohan Sethi, Consul General of India.
He wants India to make the Vietnamese comfortable and help them take advantage of the opportunities in the Indian market which will strengthen the trade relation between the two countries.
“The good news is that since the last 7-8 months US$150 million have been invested by Indians in Ho Chi Minh City, giving equal opportunities for everyone to play not only in the infrastructure sector but across various sectors,” he said aduring the visit of PHDCCI Business delegation to Vietnam.
“It is a milestone in strengthening bi-lateral trade ties between India & Vietnam and promoting industrial opportunities,” said the Consul General.
Vietnam’s economy is growing at an accelerated rate, with an ambitious target of becoming a developed nation by 2040 and a carbon-neutral country by 2050, he told the Indian delegates.
Last couple of months the Vietnam leadership has shown keen interest in connecting to Indian businesses, due to declining trade relations with China, Dr Sethi informed the delegates.
The Vietnam leadership is working towards making Ho Chi Minh City the financial hub, and without adequate support from India it is not possible, he stressed.
Dr. Ranjeet Mehta, Deputy Secretary General, PHDCCI, noted Vietnam is an aspirational economy, and assured Dr. Sethi of the chamber’s complete support in building stronger ties with Vietnam and handholding the Vietnamese businesses in setting up businesses in India.
Dr. Mehta also apprised Dr. Sethi about the upcoming “UP International Trade Show,” scheduled from 21-25 September 2023. Themed “A Bigger View of Enterprising Charm of Uttar Pradesh”, it will be the biggest sourcing show to be co-organized by the Government of Uttar Pradesh and the India Exposition Mart Ltd, themed.
The state through the expo is expected to offer a one-stop-shop for foreign businesses looking to scale in the Indian marketplace.
Dr. Mehta further invited Dr. Sethi to visit the show and also promote it within the Vietnamese businesses.
Subhash P Gupta, Deputy Chief of Mission, Embassy of India in Vietnam, deliberated on the important sectors which holds the promising scope in building on the trade relationship between India and Vietnam.
Gupta invited Indian IT companies to invest in Vietnam’s digital eco-system.
As Vietnam is to achieve its target of becoming a net-zero carbon emission country by 2050, it holds immense opportunities for India to further the energy development, build a quality & disaster resilient infrastructure, and water management facilities, among others, elaborated Gupta.
Gupta also encouraged Vietnam partners to look for partnerships within India’s healthcare sector, as the sector grew to US$372 billion in 2022 and holds a competitive advantage of learned and skilled doctors, emerging R&D hubs and cheap lab testing, among others.
“In our pursuit to become US$5 trillion economy and increased EoDB ranking, India holds an array of opportunities for its Vietnamese partners,” he said.
“It is time for India and Vietnam to embark on long-term linkages between the companies of our countries and ensured that Indian Embassy will aid for any investments and businesses between the two nations,” Gupta underlined.
Indronil Sengupta, Chairman, Indian Business Chamber in Hanoi, highlighted Vietnam’s “very liberal foreign trade policy like tax holidays and attractive land reforms, along with bold government reforms, good governance, strong political system, and reduced entry barriers make Vietnam an attractive Investment destination”.
Vietnam is an attractive foreign market for India, with a growing young population of 100 million who are upwardly consumers, added Sengupta.
Vietnam is the second country with maximum signed FTA’s, accounting to 40% of global GDP, making it a hub of international relationships.
Indian businesses, he emphasized, should invest in Vietnam and take advantage of its international relations and available resources.
Vietnam has a great success story in setting up industrial parks and industrial zones with a plug-and-play model, making it especially beneficial for MSMEs to come to Vietnam, according to Sengupta.
Tran Quang Huy, Director General, Asia and Africa Market Department, Ministry of Industry and Trade, noted the improved healthcare services in India which can attract a lot of medical tourism, but the Vietnamese do not have a lot of information about the specialized healthcare services. “Better information on healthcare services will aid medical tourism from Vietnam to India.”
The delegation comprised members from various industries, including textiles, tourism, healthcare, railway, agriculture and agro-processing among others.
Overall, the delegation’s visit to Vietnam was an important milestone in India’s efforts to strengthen trade relations with Southeast Asia and build a more prosperous and connected region, PHDCCI said in a release on 22 May 2023. Fiinews.com
