India, Vietnam promote trade ties
(VOV) - A Vietnam-India Business Forum was held in HCM City on May 22 to help businesses in both nations seek investment opportunities.
At the event, Pankaj Kapoor, President of the Haryana Chamber of Commerce and Industry (HCCI), said that Indian businesses now prioritising Vietnam as an investment and trade destination rather than other Asian nations. However, Vietnam should improve its international integration to attract the Indian business community.
It also needs to invest more in education and infrastructure, aiming to sharpen its competitiveness in the region.
As a dynamic sub-state of India, Haryhana is famous for software technology, automobiles and spare parts and its businesses are interested in companies in HCM City that are appropriate for long-term investment projects.
Over the past ten years, trade between Vietnam and India has increased by 20 times, with agricultural products accounting for 20 percent.
Last year, the total trade turnover between the two nations reached nearly US$4 billion and is expected to rise to US$7 billion by 2015.
The recently established strategic partnership between Vietnam and India has also developed well and India’s sub-states have accelerated trade with and investment in provinces and cities in Vietnam.
Vietnamese businesses can tap into these advantages to conduct surveys, learn more about the Indian business environment in order to expand their production and business in India.
Vietnam’s key Indian exports include telephones, computers, electronics and components, as well as coffee, pepper, rubber and chemicals. It mainly imports manufacturing and processing materials from India.