NA Chairman encourages Indian investment in Vietnam

Receiving Roshni Nadar Malhotra, CEO of HCL Technologies, Hue voiced his support for the Corporation’s operations in Vietnam, especially in the field of technology and high-quality human resource training.

He noted Vietnam is developing a digital government, digital economy and digital society strategy, therefore the workforce in this field is very important.

Roshni Nadar said HCL which has annual revenue of more than US$10 billion and employs 187,000 staff in 55 countries and territories is expanding its operations in the Asia-Pacific, where Vietnam is a potential market with a skilled and qualified workforce. She believed the two sides would have potential cooperation in the future.

In Vietnam, HCL established HCL Vietnam Co., Ltd. in March 2020 headquartered in Hanoi and Ho Chi Minh City with 350 employees. It aims to turn HCL Vietnam into its largest global technology distribution hub outside India, with 8,000 employees over the next three years, 90% of whom are employees in Vietnam.

The same day, NA Chairman Hue received Suchitra Ella, CEO of Bharat Biotech, a biotechnology company specializing in vaccine production, development and distribution. The company has successfully commercialized the rabies vaccine, participated in several national tenders and been granted an emergency use license for the Covaxin vaccine against COVID-19.

Hue welcomed Bharat Biotech’s Vietnam operation plan and said the National Assembly will soon issue a resolution allowing the Government to implement a number of specific mechanisms and policies in the health sector, including those related to medical equipment and drugs for COVID-19 treatment.

This will be an opportunity for Bharat Biotech to research, expand cooperation, and transfer vaccine production technology to partners in Vietnam, he said.

He affirmed that Vietnam encourages and supports foreign businesses to operate and expand cooperation in the field of research and production of medical equipment, biological products for COVID-19 treatment, and it is committed to providing maximum support for them to operate in the long term in the country.

Suchitra Ella presented 200,000 doses of the Covaxin COVID-19 vaccine as a gift to NA Chairman Vuong Dinh Hue.

While receiving billionaire Prakash Hinduja of Hinduja, one of the world’s largest family-owned companies, NA Chairman Hue stated that Indian investment now standing at less than US$1 billion remains modest compared to the two countries’ potential. He expressed hope that his official visit to India accompanied by leaders of various ministries and agencies will create a new wave of investment from India into Vietnam.

He affirmed Vietnam is an attractive investment destination for foreign investors, and it wants to attract more Indian investment in the areas of its strengths such as manufacturing-processing, automobile support industry, information and communication technology, and renewable energy.

Vietnam is the third largest economy in Southeast Asia, a potential market with nearly 100 million consumers and a growing middle class. It has signed 17 Free Trade Agreements (FTAs), including new generation FTAs such as Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP).

Investing in Vietnam means accessing a large ASEAN market with more than 650 million consumers, stressed Hue.

Billionaire Prakash Hinduja said that her company is conducting market research and considering building an automobile assembly plant in Vietnam. In addition, the company is also exploring investment opportunities in the fields of finance, banking, information technology, electricity, renewable energy, and cyber security.

Hue welcomed Hinduja’s operation plans and suggested the company establish a representative office in Vietnam to undertake its first projects in the country.