Speaking at the meeting on April 14, the president of the Indian Chamber of Commerce in Calcutta, V Sharan, said that the visit would help to promote trade and investment co-operation between the two countries.

The delegation members include the RPG Group, SMIFS Capital Markets and Shree Baidyanath Ayurved Bhawan.

Indian companies that have re-located to Vietnam include the Te Godrej Steel Furniture company, the pharmaceutical company Ranbaxy, and the pepper processor Vallabhdas Kanji, all of which are located in southern Binh Duong province.

Another Indian furniture manufacturer, Sudima International, has also established a base in Vietnam, along with Nagarjuna International and the KCP sugar company in southern Long An and Phu Yen provinces.

Vo Tan Thanh, general director of the Vietnam Chamber of Commerce and Industry’s HCM City branch, said that total two-way export turnover reached US$2.5 billion in 2008, a sharp increase from US$75 million in 1995.

Last year, despite the global economic downturn, two-way trade turnover between the two countries reached more than US$2 billion, including US$420 million from exports and US$1.6 billion from imports.

Thanh said that last year India invested more than US$201 million in 38 projects and ranked 29 out of 79 foreign investors in Vietnam.