Speaking at the meeting, Jeevan Kandpal the Indian consul in the city, said the food industry-focused expo from August 12 to 15 will provide “opportunities to forge business partnerships world-wide.”
The expo aims to bring together all the stakeholders from “farm to fork” – a reference to farmers, food processors, manufacturers, traders, exporters and importers, and consumers, he said.
India is the world’s second largest producer of fruits and vegetables, marine products, and meat and poultry.
It is the largest producer of milk with production estimated at 155.5 tonnes, or approximately 19 % of the world’s production.
Its food and grocery market is the world’s sixth largest, with retail contributing 70 % of the sales.
“Domestic consumption is immense, given the 1.3 billion population and increasing affluence,” Kandpal said.
It will be a lucrative food market for Vietnamese firms, he said.
“The Indian Government has relaxed norms for the sector, allowing up to 100 percent FDI in food product e-commerce through the automatic route, and the wide consumer base should be a magnet for creating successful business ventures.”
Nguyen The Hung, Deputy Director of the Vietnam Chamber of Commerce and Industry’s HCM City office, said food is among Vietnam’s industries with the greatest potential.
“Food products not only meet domestic demand but are also exported to many countries and territories around the world. Vietnam is becoming an important supplier of agricultural products and food globally.”
Hung hoped through the expo Vietnamese agricultural products, foods and beverages would enter the Indian market.
Vietnamese firms would also have the opportunity to network with international partners at the event, he said.
Nguyen Dinh Truong, representative of the Vietnam Cashew Association, said cashew enterprises are very interested in the Indian market and, in addition to participating in the expo, would also want to visit leading cashew processing facilities there.
The District 5 Business Association said it would send a delegation to the expo.
K Thiruppathi Rajan, chairman of the event organising committee, provided information about the event and took questions.
Kandpal said bilateral trade grew by 35% last year to US$12.27 billion, and the two countries are striving to lift it to US$15 billion by 2020.