India rolls out red carpet for Vietnamese investors
14:42, 2014/10/23
Economic ties between Viet Nam and India have yet to match the vast potential and huge aspirations of their leaders, officials on both sides and entrepreneurs agreed at a meeting the Indian consulate held yesterday in HCM City to mark the launch of its "Made in India" campaign.
Smita Pant, the Indian consulate general in HCM City, said India encouraged foreign investment in its market of 1.3 billion.
Vietnamese investors were also welcomed and the country had rolled out of a red carpet, she said.
"The potential is huge and as far as India and Viet Nam trade and investment relations are concerned, the business community is sitting on a gold mine, which needs to be explored."
Besides online licensing, the Indian Government has also announced new policies for 24 sectors in which it is seeking investment, including construction, health, bio-technology, ports, aviation, railways, defence, and space, according to the diplomat.
She said this month there would be a high-level Vietnamese delegation including businesspeople visiting India.
Direct flights between India and Viet Nam are set to begin in less than two weeks' time.
A memorandum of understanding for twinning HCM City with Mumbai is under discussion, and efforts are going on to open an Indian bank branch in HCM City, according to Pant.
There is opportunity for India to get more investment from Vietnamese companies as Viet Nam is becoming one of the top investors in Myanmar and its investments in Bangladesh are growing.
Both these countries border India's north-eastern region.
"We call upon you to look at India with its huge market, privatisation exercise, ease of investment, and the commitment made by Prime Minister Narendra Modi himself to welcome investments," Pant said.
Some Indian companies have shown interest in investing in wind energy, bio-mass, hi-tech agriculture, and infrastructure.
Indian investment today in Viet Nam is close to US$1 billion and is all set to grow with the Tata Group investing around $2 billion in Soc Trang Province.
Le Phuoc Vu, co-chairman of the Viet Nam - India Business Forum and chairman of the Hoa Sen Group, said India was Viet Nam's biggest market in South Asia and Viet Nam's sixth largest trading partner.
Untapped potential
Mohan Ramesh Anand, the chairman of the Indian Business Chamber in Viet Nam, said Vietnamese companies had many opportunities to invest in India.
Vietnamese companies had invested more than $8 billion in more than 500 projects abroad, he said.
Besides the traditional markets of Laos and Cambodia, they had also made significant investments in Russia, Malaysia, Algeria, the US, Cuba, Myanmar, and Bangladesh, but had only three projects in India worth $23.6 million, he added.
According to the Foreign Investment Agency, India has 77 projects, most of them small, in Viet Nam to rank 27th among investing countries and territories.
Bilateral trade is worth around $5.5 billion, and is expected to cross $7 billion by 2015 and $15 billion by 2020.
Tat Thanh Cang, deputy chairman of the HCM City People's Committee, said ties between HCM City and India were a highlight of the bilateral relationship, with trade in 2013 worth almost $700 million.
But he admitted that the co-operation did not match the potential or expectations of the two sides.
"The potential is huge and as far as India and Viet Nam trade and investment relations are concerned, the business community is sitting on a gold mine, which needs to be explored."
Besides online licensing, the Indian Government has also announced new policies for 24 sectors in which it is seeking investment, including construction, health, bio-technology, ports, aviation, railways, defence, and space, according to the diplomat.
She said this month there would be a high-level Vietnamese delegation including businesspeople visiting India.
Direct flights between India and Viet Nam are set to begin in less than two weeks' time.
A memorandum of understanding for twinning HCM City with Mumbai is under discussion, and efforts are going on to open an Indian bank branch in HCM City, according to Pant.
There is opportunity for India to get more investment from Vietnamese companies as Viet Nam is becoming one of the top investors in Myanmar and its investments in Bangladesh are growing.
Both these countries border India's north-eastern region.
"We call upon you to look at India with its huge market, privatisation exercise, ease of investment, and the commitment made by Prime Minister Narendra Modi himself to welcome investments," Pant said.
Some Indian companies have shown interest in investing in wind energy, bio-mass, hi-tech agriculture, and infrastructure.
Indian investment today in Viet Nam is close to US$1 billion and is all set to grow with the Tata Group investing around $2 billion in Soc Trang Province.
Le Phuoc Vu, co-chairman of the Viet Nam - India Business Forum and chairman of the Hoa Sen Group, said India was Viet Nam's biggest market in South Asia and Viet Nam's sixth largest trading partner.
Untapped potential
Mohan Ramesh Anand, the chairman of the Indian Business Chamber in Viet Nam, said Vietnamese companies had many opportunities to invest in India.
Vietnamese companies had invested more than $8 billion in more than 500 projects abroad, he said.
Besides the traditional markets of Laos and Cambodia, they had also made significant investments in Russia, Malaysia, Algeria, the US, Cuba, Myanmar, and Bangladesh, but had only three projects in India worth $23.6 million, he added.
According to the Foreign Investment Agency, India has 77 projects, most of them small, in Viet Nam to rank 27th among investing countries and territories.
Bilateral trade is worth around $5.5 billion, and is expected to cross $7 billion by 2015 and $15 billion by 2020.
Tat Thanh Cang, deputy chairman of the HCM City People's Committee, said ties between HCM City and India were a highlight of the bilateral relationship, with trade in 2013 worth almost $700 million.
But he admitted that the co-operation did not match the potential or expectations of the two sides.
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.
- Foreign companies confirm investment expansion in Vietnam in 2025
- PM invites Skoda to manufacture electric vehicles in Vietnam
- US Berggruen Holdings to help Vietnam set up investment funds
- Vietnam releases Esports White Book 2022-2023
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses