President of the Vietnam Fatherland Front (VFF) Central Committee NguyenThien Nhan chaired a Vietnam-India Business Forum in New Delhi on March21 during his official visit to India.
The event wasjointly organised by the Vietnam Chamber of Commerce and Industry (VCCI)and the Confederation of Indian Industry (CII) to provide a chance forthe business circles of the two countries to further their partnership.
Addressing the event, the VFF leader emphasized Vietnam’s success inshifting from a centralized economy to a market economy as a result ofthe Doi Moi (renovation) policy launched in 1986.
Henoted that the country has seen an average growth of 6.7 percentannually during the past 28 years, 1.36 times higher than that of othernewly-emerged and developing countries, and 2.8 times the rate indeveloped economies, adding that from a country facing food shortage,Vietnam has become one of the world largest exporters of farm produce.
He highlighted that India has become one of the top 10 largest tradepartners of Vietnam, with two-way trade rose 77 times in the pastdecade, hitting 5.6 billion USD last year from only 72.1 million USD in1995.
Nhan urged businesses of both countries to seek morepartnership opportunities to tap the still great potential and furtherboost bilateral economic-trade ties.
According to SanjayBhattacharyya, head of the South Division at the Foreign Ministry andSudhr Kapur, CII Chairman, India hopes that many opportunities will openup for both sides once India and ASEAN realise the free trade agreementon service and investment.
Vietnam is anattractive destination for Indian investors, they said, noting that in2013, India has 77 projects worth 254 million USD in Vietnam, whileVietnam also invested 24 million USD in projects in India .
Bhattacharyya said after ASEAN and India signed the FTA in goods, tradebetween India and Vietnam had increased by 4 times. The figure isexpected to reach 20 billion USD in 2020, he stated.
India is keen on investing in infrastructure and information technologyin Vietnam , he declared, adding that finance-banking is also apotential cooperation area.
Meanwhile, Kapur said after aneconomic corridor between Mekong Sub-region and India is set up to linkIndia’s northeastern localities with Vietnam, economic and trade tiesbetween the two countries will be boosted.
He proposedthat both sides should work more closely in human resources training andshare experience in various areas, including agriculture, whileenhancing cooperation in production and export to a third country.-VNA
The event wasjointly organised by the Vietnam Chamber of Commerce and Industry (VCCI)and the Confederation of Indian Industry (CII) to provide a chance forthe business circles of the two countries to further their partnership.
Addressing the event, the VFF leader emphasized Vietnam’s success inshifting from a centralized economy to a market economy as a result ofthe Doi Moi (renovation) policy launched in 1986.
Henoted that the country has seen an average growth of 6.7 percentannually during the past 28 years, 1.36 times higher than that of othernewly-emerged and developing countries, and 2.8 times the rate indeveloped economies, adding that from a country facing food shortage,Vietnam has become one of the world largest exporters of farm produce.
He highlighted that India has become one of the top 10 largest tradepartners of Vietnam, with two-way trade rose 77 times in the pastdecade, hitting 5.6 billion USD last year from only 72.1 million USD in1995.
Nhan urged businesses of both countries to seek morepartnership opportunities to tap the still great potential and furtherboost bilateral economic-trade ties.
According to SanjayBhattacharyya, head of the South Division at the Foreign Ministry andSudhr Kapur, CII Chairman, India hopes that many opportunities will openup for both sides once India and ASEAN realise the free trade agreementon service and investment.
Vietnam is anattractive destination for Indian investors, they said, noting that in2013, India has 77 projects worth 254 million USD in Vietnam, whileVietnam also invested 24 million USD in projects in India .
Bhattacharyya said after ASEAN and India signed the FTA in goods, tradebetween India and Vietnam had increased by 4 times. The figure isexpected to reach 20 billion USD in 2020, he stated.
India is keen on investing in infrastructure and information technologyin Vietnam , he declared, adding that finance-banking is also apotential cooperation area.
Meanwhile, Kapur said after aneconomic corridor between Mekong Sub-region and India is set up to linkIndia’s northeastern localities with Vietnam, economic and trade tiesbetween the two countries will be boosted.
He proposedthat both sides should work more closely in human resources training andshare experience in various areas, including agriculture, whileenhancing cooperation in production and export to a third country.-VNA
