Vietnam creates attractive business climate for Indian businesses

VOV.VN - Vietnam offers an attractive business climate for Indian firms thanks to its political stability, economic growth, and investment incentives, according to insiders.

Addressing the India-Vietnam multisectoral business interaction held in Hanoi on May 25, Indian Deputy Ambassador to Vietnam Subhash P Gupta emphasised that following more than 50 years since establishing diplomatic ties, both sides have witnessed positive developments in trade and investment relations, with the two-way trade turnover exceeding US$15 billion last year. 

Most notably, the recent visit to Vietnam by more than 20 Indian enterprises indicates that the demand for trade and investment ties between the two countries’ business communities is huge, he said.  

Sharing this perspective, Tran Quang Huy, director of the Asia-Africa Market Department under the Ministry of Industry and Trade, pointed out that India is viewed as an important market in South Asia and throughout the world.

Apart from prospects for further trade linkages, Vietnam boasts a positive and stable macroeconomic growth, Huy said, adding that it is also a leading destination for investment attraction in Southeast Asia with extensive openness through economic and trade linkage mechanisms.

According to the executive, the Vietnamese business community has been constantly growing over recent years, with many businesses gradually asserting their position in the international market and bringing "Made in Vietnam" products to global consumers.

Huy expressed hope businesses of both sides would seek potential partners, expand and diversify import and export markets through indepth discussions and exchanges at the meeting.

For his part, Indronil Sengupta, chairman of the Indian Business Association in Hanoi, described Vietnam as one of the fastest growing economies in the world, saying the Vietnamese Government has implemented radical reforms aimed at improving the business climate, simplifying administrative procedures, and removing barriers for market entry.

These moves have created a wealth of opportunities for foreign enterprises, including Indian firms, he noted.

He emphasised that Vietnam offers an attractive environment for Indian businesses thanks to its political stability, economic reforms, and market access opportunities through free trade agreements.

Therefore, there exists great potential for cooperation in fields such as agriculture, information technology, pharmaceuticals, textiles, tourism services, and education in the country, said Sengupta.

Nguyen Thi Mai Anh, deputy director of the Hanoi’s Investment, Trade and Tourism Promotion Center, expressed her wish that both sides would strictly co-ordinate to participate in trade fairs, exhibitions, and cultural exchange activities, as well as organising Famtrip and Presstrip to promote Vietnamese tourism in India and vice versa moving forward.

Related

India’s famtrip delegation explores Ninh Thuan’s tourism potential
India’s famtrip delegation explores Ninh Thuan’s tourism potential

VOV.VN - The south-central province of Ninh Thuan and the Indian Consulate General in Ho Chi Minh City on May met an Indian famtrip delegation to discuss tourism cooperation opportunities within the locality.

India’s famtrip delegation explores Ninh Thuan’s tourism potential

India’s famtrip delegation explores Ninh Thuan’s tourism potential

VOV.VN - The south-central province of Ninh Thuan and the Indian Consulate General in Ho Chi Minh City on May met an Indian famtrip delegation to discuss tourism cooperation opportunities within the locality.

Vietnamese businesses updated on India’s new foreign trade policy
Vietnamese businesses updated on India’s new foreign trade policy

An online seminar on India’s foreign trade policy in 2023 was held by the Vietnam Trade Office in New Delhi on April 5, attracting the participation of representatives from Vietnamese agencies and businesses, and researchers.

Vietnamese businesses updated on India’s new foreign trade policy

Vietnamese businesses updated on India’s new foreign trade policy

An online seminar on India’s foreign trade policy in 2023 was held by the Vietnam Trade Office in New Delhi on April 5, attracting the participation of representatives from Vietnamese agencies and businesses, and researchers.