Vietnam attends CLMV business forum in India
(VOV) - By the end of September, India had had 24 projects worth US$5.16 million in HCM City.
Nguyen Thi Hong, Vice Chairwoman of the HCM City People’s Committee, confirmed this at a Cambodia-Laos-Myanmar-Vietnam (CLMV) Business Forum in New Delhi on October 22.
The forum was held by the Confederation of Indian Industry (CII) and the Indian Ministry of Commerce and Industry to provide a good chance for leaders and businesspeople from the four countries to research markets and seek investment and partners in India.
Participants discussed opportunities for Indian businesses to invest in infrastructure, agriculture, manufacturing industry, services and other potential areas that need local human resources.
CII General Director Chandrajit Banerjee said two-way trade turnover between India and CLMV is much lower than expected. Bilateral trade between India and ASEAN reached US$76.7 billion in 2012-2013, of which trade between India and CLMV stayed at US$8.53 billion, including India’s US$4.65 billion exports to CLMV.
Over the past 15 years, India has invested more than US$500 million in CLMV, mainly in the fields of agriculture, forestry, oil and gas, infrastructure and technology.
At the forum, Hong briefed participants on Vietnam’s economic growth as well as its investment and business environment, particularly in HCM City. She said in the 20- year Doi Moi (Renewal) process, Vietnam has created a dynamic business environment with high growth rates in many areas.
As a major economic, cultural, educational, training, scientific and technological hub, HCM City has become an attractive investment destination for foreign investors, including India, she stressed.
HCM City now has 4,795 valid foreign invested projects worth US$32.62 billion. In the first nine months of this year, it attracted 330 new projects with a total capitalisation of US$740 million, mainly in the fields of processing, manufacturing, science-technology, trade and construction.
Hong extended an invitation to India to attend the “five countries-one destination” tourism fair in HCM City in 2014.