Speaking at the event, Chairman of the HiTech Group of Companies Deep Kapuria said India is now the 25th largest investor in Vietnam and hoped that Vinh Phuc will offer all possible support to Indian investors in the locality.
In his speech, Vietnamese Ambassador to India Ton Sinh Thanh said 2017 marks the first year that Vietnam and India have embarked on comprehensive strategic partnership and the 45th anniversary of bilateral diplomatic ties.
India’s foreign direct investment in Vietnam doubled in 2015 and surged 64% in 2016. In the first eight months this year, the amount increased 5% from the same period last year to US$98.7 million.
The figure has so far reached US$2.91 billion in 152 projects across sectors, placing India the 15th out of 116 countries and territories investing in Vietnam. India is currently the 10th largest trade partner of Vietnam while Vietnam ranks 25th out of 230 trade partners of India. Among the 10 ASEAN member states, Vietnam is the second largest importer of India.
In January-August, two-way trade soared 42% year-on-year and is likely to top US$10 billion in 2017.
Thanh said Vinh Phuc is one of the top 10 provinces in terms of competitiveness index and ranks second in the north thanks to favourable geographical location and transport.
Chairman of the Vinh Phuc provincial People’s Committee Nguyen Van Tri said as of the late September, Vinh Phuc was home to 253 projects from 16 countries and territories worth in excess of US$3.8 billion, three of them valued at US$8 million were from India.
Vinh Phuc calls for Indian investment in automobiles, motorbikes and electronic spare parts, software, pharmaceuticals, urban development, hotels, ecological tourist and entertainment areas, education-training, health care, clean agriculture, infrastructure in industrial parks, clean water supply, wastewater and industrial and household sewage treatment, he said.
Indian enterprises and investors expressed their interest in business environment in Vietnam and Vinh Phuc in particular and found out more about local potentials, strengths and incentives.