Vietnamese firms strengthen presence within Indian market

This information was released at a recent seminar held to introduce regulations and administrative procedures for setting up joint ventures in India.
The occasion marked the first of 50 event planned by the Vietnam Trade Office in India to provide information on the Indian market and trade promotion, along with investment in India as a means of boosting bilateral trade amid the two sides celebrating the 50th anniversary of diplomatic relations which initially began back in 1972.

Those in attendance at the function include representatives from more than 50 Vietnamese companies, including five with the intention of joint venture establishments, who participated in the seminar.

Facts indicate that, without a presence in India, Vietnamese enterprises often find it difficult to find major reputable partners and can lose out in commercial disputes.

Therefore, fully grasping Indian laws, trade practices, and Indian market information is necessary to do long-term business with this important trading partner and to bring bilateral trade ties to US$15 billion, while moving towards more ambitious targets.

Upon addressing the occasion, Do Quoc Hung, deputy director of the Ministry of Industry and Trade’s Asia-Africa Market Department, hailed the 50-event initiative as a practical activity that helps both Vietnamese and India enterprises find business opportunities and recover from the impact of the pandemic.

The Ministry is therefore willing to aid firms in seeking partners and removing their hurdles while operating in India, the official affirmed.

He added that moving forward, the Ministry of Industry and Trade will remain poised to support businesses in finding partners and dealing with problems when conducting business in the Indian market.

Vietnamese Ambassador to India Pham Sanh Chau noted that a lack of local businesses’ presence in the Indian market is a major shortcoming that has hindered trade between both sides.