NA Chairman assures Indian businesses of better investment climate

Hue affirmed that Vietnam and India have developed the comprehensive strategic partnership in all areas, from politics, diplomacy, national defense, and security, to economy, trade, investment, education-training, culture, tourism and people-to-people exchange.

He welcomed ONGC’s presence in Vietnam, noting that oil and gas exploration and production is an important part of the Vietnam-India economic, trade and investment relations.

Vietnam creates favourable conditions for Indian companies to continue their long-term presence and expand their investment in the fields of energy, oil and gas exploration and production in Vietnam’s continental shelf and exclusive economic zone, said Hue.

He also expressed hope there would be a new wave of Indian investment in Vietnam, helping to raise bilateral trade turnover to US$15 billion in the coming time.

Vietnam is committed to protecting the interests of investors in accordance with the law, he said, adding that the Vietnam National Assembly will consider amending the Petroleum Law to create a more favourable legal environment for the development of the oil and gas industry.

For his part, AK Gupta said that his group has developed close cooperation ties with PetroVietnam, and expects to expand its operations in Vietnam in the near future.