More room for Vietnam – India business cooperation, says NA Chairman
VOV.VN - Vietnam and India still hold great potential for stronger cooperation in various areas, especially in economy, trade and investment which are yet to be fully exploited over the years.
Vietnam National Assembly Chairman Vuong Dinh Hue was speaking at a Vietnam – India Business Forum in New Delhi on December 17.
Hue quoted statistics saying that the two-way trade turnover between Vietnam and India has grown by an average of 20% per year and is expected to reach US$13 billion this year despite the impact of the COVID-19 pandemic.
However, he pointed out India has so far poured less than US$1 billion into investment projects in Vietnam, a modest figure compared to more than US$400 billion the country has attracted from 141 countries and territories globally. Moreover, there are not many Vietnamese businesses investing in India.
“This is not commensurate with the long-standing traditional friendship and the good, reliable comprehensive strategic partnership between the two countries,” said Hue.
He expressed hope, following this forum there would be a wave of Indian investment into Vietnam and vice versa.
“When Indian businesses invest in Vietnam, they invest in a market of almost 100 million consumers with a young population and a rapidly growing middle class,” analyzed Hue. “Vietnam has signed 17 bilateral and multilateral free trade agreements, including the EU-Vietnam Free Trade Agreement (EVFTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP).”
Moreover, he said Indian businesses also have access to the large market of ASEAN, the sixth largest economy in the world with approximately 650 million consumers.
“Vietnam has a very large market with a fairly synchronous legal system, a system of policies on investment incentives and investment protection that meet high standards both regionally and globally,” he stressed.
“Vietnam always improves its investment and business environment to create the best and most favourable conditions for businesses to successfully do business in the country.”
According to Hue, there remains a lot of room for business cooperation between the two countries that are working towards a green economy and a circular economy. He suggested that businesses of the two countries increase cooperation in the fields of pharmaceuticals and technology transfer for vaccine production.
“Your success is also ours,” stressed Hue.
Former Minister of Commerce and Industry Senator Suresh Prabhu and Director General of the Confederation of Indian Industry Chandrajit Banerjee stressed that the Indian Government is carrying out the Look East Policy and Vietnam is one of the important partners of India in Southeast Asia.
On the occasion, National Assembly Chairman Hue witnessed the exchange of 12 bilateral cooperation agreements in workforce training in information technology, oil and gas processing, and energy.
