Wednesday, 5 October, 2022

Vietnam, India push up economic, investment ties

HANOI: Vietnam is encouraging Indian entrepreneurs to invest in segments like manufacturing, automobile supporting industry, IT, energy, high-tech agriculture, and innovation.

According to Tran Duy Dong, Deputy Minister of Planning and Investment, although the bilateral trade and investment relations of the two sides have had many positive results in recent years, they still fall short of the potential of the two countries, report agencies.

“Vietnam is therefore welcoming Indian businesses to invest in Vietnam in fields which are of a particular strength of Indian businesses and where Vietnam is looking to enhance investment cooperation,” said Dong at the India-Vietnam Business Forum held on January 22 in Ho Chi Minh City.

The forum was coorganised by the Indian Consulate General in Ho Chi Minh City, the Private Economic Development Research Committee under the Government’s Advisory Council for Administrative Procedure Reform, Ho Chi Minh City People’s Committee, and VinaCapital.

According to the Ministry of Planning and Investment, India is currently one of the 10 most important trade partners of Vietnam, and Vietnam is the fourth-largest trading partner of India in ASEAN.

In terms of investment, India currently ranks 26th with 296 projects, out of 139 countries and territories investing in Vietnam. The main fields of Indian investment include processing and manufacturing, renewable energy, and mining.

Recently, the Politburo has issued Resolution No.50-NQ/TW on the orientation to complete institutions, policies, and improve the quality and efficiency of foreign investment cooperation to 2030.

“The government has affirmed that foreign-invested projects are an important constituent of the Vietnamese economy that facilitates long-term development and healthy cooperation,” Dong said.

He added that in order to attract high-quality foreign investment and investment from large-scale international investors, Vietnam has been proactively preparing conditions such as infrastructure system improvement, clear land fund, training high-quality human resources to meet the needs of foreign investors.

Don Lam, deputy chairman of the Private Economic Development Research Committee, co-founder and CEO of VinaCapital, has highly appreciated the government’s efforts on creating a conducive environment for the private sector.