Dong Nai seeks to boost business links with Indian firms
A trade promotion and business matching event between Vietnam’s southern province of Dong Nai and India took place in New Delhi on September 6, attracting a number of enterprises from both countries.
Providing a brief introduction of Dong Nai and its trade relations with India, Vice Chairwoman of the provincial People’s Committee Nguyen Thi Hoang said Dong Nai has a transport system favourable for economic development and trading with other countries. Considered one of the leading industrial hubs in Vietnam, it has attracted US$29.26 billion in investment from 43 countries and territories, but there haven’t been any investment projects by Indian firms here.
In 2022, Dong Nai recorded US$489 million in exports to and US$326 million in imports from India. Its main exports include plastic raw materials, fabric, fibre, yarn, machinery, equipment, tools, spare parts, and vehicles. Meanwhile, imports from India include metals, animal feed and materials, chemicals, machinery, equipment, tools, spare parts, and plastic raw materials.
Hoang perceived that there remains enormous potential for expanding partnerships between Dong Nai and Indian enterprises. To obtain concrete results, they should learn about each other’s capacity, prestige and products, along with relevant policies of Vietnam and India.
She also pledged the best possible conditions for enterprises to access both countries’ markets to generate win-win benefits.
Vietnamese Ambassador to India Nguyen Thanh Hai said trade turnover between the two countries reached US$15 billion in 2022, but much room remains for it to increase further as both Vietnam and India are dynamic countries and among the fastest growing economies in the world. The two economies are complementary to each other and well-connected thanks to over 50 direct flights per week that bring about numerous opportunities for bilateral trade, investment, and tourism.
The Vietnamese Embassy in India will create favourable conditions for enterprises of both countries to partner with each other, he affirmed.
Atul Kumar Saxena, President of the Indian Importers Chambers of Commerce and Industries, also shared the view on the huge potential for expanding ties between Dong Nai and Indian enterprises.
At the event, Vietnamese firms and the Indian chambers of commerce and industries signed six memoranda of understanding on trade and investment cooperation.
