Vietnam, investment destination for Indian businesses

Hanoi, January 22 (VNA) - Vietnam remains as one of Asian appealing trade and investment destinations for international businesses, including those from India, said Indian Deputy Minister of Commerce and Industry Rajeev Kher at the Vietnam-India Business Forum in Ho Chi Minh City on January 21. He believed Vietnam would become a major economy in the region, stressing that India seeks to not only enhance economic cooperation with the country but also upgrade it in a strategic, comprehensive fashion. Rajeev Kher proposed several promising fields of cooperation between the pair in the coming time, including textile and garment, pharmaceuticals, chemical, information technology and hi-tech products. As a new emerging economy in the globe with large consumption market, India offers both domestic and international firms, including Vietnamese ones, huge opportunities to do business. Yet the bilateral trade has seen sharp rises in recent years, the pair have not fully tapped their potential, Do Huu Huy, deputy head of the Department for Africa, West Asia and South Asia Markets under the Ministry of Industry and Trade. Therefore, the forum was set to further promote trade and investment among the business communities of both sides, enabling overall trade balance to be maintained. It also acted as a platform for enterprises in Ho Chi Minh City and southern localities, Long An and Can Tho for instance, to seek Indian partners in the fields of textile and garment, footwear and handbags, pharmaceuticals, agriculture and banking. Vietnam-India trade hit 5.4 billion USD in 2014, with Vietnam’s exports valued at 2.4 billion USD. The two countries’ Governments have been taking moves to facilitate cooperation in energy, chemicals and tourism, notably the launch of a direct flight between Ho Chi Minh City and India.-VNA