The event was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the Vietnamese Ministry of Industry and Trade (MoIT) and the Indian Embassy.

MoIT Deputy Minister Le Duong Quang said Vietnam wants to strengthen multifaceted cooperation with India, one of its most important strategic partners in Asia.

India is one of Vietnam’s top ten trade partners with two-way trade revenue estimated to reach about US$3 billion by the end of October, 40 percent higher than the same period last year.

At the 14^th meeting of the Vietnam-India joint committee last September the two countries pledged to increase the figure to US$7 billion by 2015, he added.

The two sides committed to boosting joint investment  to match their potential.

Vietnam will create favourable conditions for Indian businesses to operate in finance, energy, education, construction, high-tech machinery, and equipment while Vietnamese businesses are encouraged to invest in India’s infrastructure and construction.

Indian Ambassador Janjit Rae stressed that India is boosting cooperation with ASEAN countries and Vietnam is considered its special partner and important pillar in India’s Look East policy as it has a dynamic economy and an emerging, attractive, and promising market.

The conference will create a foundation for linking businesses from the two countries and providing broader knowledge on their business environment, he said.

The Ambassador confirmed that the US$7 billion target is more likely to be achieved if the two countries can exert their joint efforts in implementing the India-ASEAN Free Trade Agreement.