He made the remark at a session within the framework of the fourth business conclave between India and four ASEAN countries, namely Cambodia, Laos, Myanmar and Vietnam (CLMV), in Jaipur city, the Indian state of Rajasthan, on February 28.
The diplomat said despites global economic downturns, Vietnam and India are still listed among the most dynamic economies.
India is likely to enjoy higher economic growth in the coming years thanks to various renewal measures, including the “Make in India” and “Skill India” initiatives, goods and service taxation reforms, and new monetary policies, he said.
Meanwhile, Vietnam is pushing ahead with the economic restructuring plan to improve infrastructure, human resources, and the business environment, he added.
Vietnam always considers India a reliable friend and partner, he said, noting that during the historical visit to Vietnam by Indian Prime Minister Narendra Modi in 2016, the two countries elevated their relations to comprehensive strategic partnership and defined economics as a strategic cooperative field.
Solid political rapport allowed Vietnam and India to boost trade, investment and tourism, he said.
He noted that Vietnam highly valued the Indian Government’s US$300-million credit package to promote bilateral trade activities.
The Ambassador suggested both enact measures to realize two-way trade target of US$15 billion in the future. He welcomed more Indian businesses to invest in Vietnam, especially in renewable energy, oil and gas, and garment-textile.
He hailed the Indian Government for establishing a CLMV development fund to support Indian firms having investment projects in Vietnam.
The launch of the direct air route between Hanoi and New Delhi in July will make it easier for the two countries’ people to travel around, he added.
Official statistics showed that India ran a trade surplus of US$2.5 billion with CLMV in 2014. Vietnam was the biggest importer of India among the four countries, accounting for 83.5% of India’s goods exports to CLMV in 2015.
India mainly exported fish, shrimps, cottons, automobiles, coffee, tea and spice to Vietnam while importing electric equipment, coffee, tea, and rubber from the market.
Indian companies are investing in energy, mining, sugar and chemicals production, information technology, and farm produce processing in Vietnam.