Deputy Prime Minister Pham Gia Khiem has called on Indian businesses to pour more investment into Vietnam, particularly after it joined the World Trade Organisation, and pledged to grant more preferences to them.
Mr Khiem told The Hindu newspaper in an interview on March 1 that two-way trade exchanges increased significantly to US$1 billion in 2006 from US$697 million in 2005 and India is enjoying a large surplus in trade exchanges with Vietnam.
By the end of 2006, Mr Khiem said India has had 12 effective foreign direct investment projects in Vietnam with a total registered capital of US$46.4 million, ranking 34th among 73 countries and territories investing in Vietnam. Indian investors are pouring investment into oil and gas exploitation and industrial sector in Vietnam. Recently, an Indian-invested hot rolled steel production mill worth more than US$500 million has recently got off the ground in southern Ba Ria-Vung Tau province.
In addition, the two countries have also boosted cooperation in national defence and security through information exchange on counter-terrorism, and cooperated closely in regional and international forums.
The Deputy PM voiced Vietnam’s support and appreciation for India’s contributions to Southeast Asian countries and the East-Asia summit, and expressed hope that India will continue to actively engage in cooperation mechanisms for the sake of development and prosperity in the region.
