23rd May, 2023
India offers opportunities galore to Vietnamese business partners
Dr. Madan Mohan Sethi, Consul General of India, welcomed the PHDCCI delegation and the Vietnamese businesses present in India- Vietnam for a Business Cooperation meeting today at Ho Chi Minh city, Vietnam.
A high-profile delegation from India consisting of representatives from various sectors is currently attending a conference showcasing the trade potential between India and Vietnam. The delegation is focused on exploring business opportunities and strengthening trade ties between the two countries, added Dr Sethi
Speaking at the event on the topic of growing trade ties between India and Vietnam, Dr Sethi mentioned the bi lateral trade value between the two countries crossed to USD 15.1 billion from USD 3 billion in 2013.
India provides a huge market for Vietnamese products and it is time that Vietnam invites Indian businesses to invest in the country, by getting in newer technology, digital transformation models and exploring other sectors like health care and education among others.
Citing it as an opportunity of learning from each other Dr. Sethi stated, Indians should learn the discipline and loyalty towards work from Vietnamese people and Vietnam should learn how to go global with the local products from Indian businesses as India is a country which has covered the major countries through trade, said Dr Sethi
Concluding his note, Dr Sethi assured the support of his office to each Vietnamese and Indian business who wants to be connected to either of their counterparts for exploring trade and business opportunities.
Mr. Dinh Vinh Cuong, President, Vietnam International Entrepreneur Networking Club (VIENC), informed that the total Investment amount from India stands still low at 1005.57mn USD and look forward to increase investments from India while taking our relationship to a larger growth orbit. India is considered one of the promising markets for Vietnamese tourism, with a rise in number of Indian visitors to Vietnam from 85,000 in 2016 to whereas the number of Indian visitors stands around 1.40 lakhs in 2022.
Further, he added, India has invested into 346 projects with total investments of USD 1 billion, accounting for only 0.2% of the total investments by foreign investors invested into Vietnam.
Citing this data,he added this number is too small compared to the economic potential of India, i.e., the 6th largest economy in the world and added that they expected to rise to the 3rd position in the world and 2nd in Asia, with the current strengthening if the relationship between India and Vietnam
Dr. Ranjeet Mehta, Deputy Secretary General, PHDCCI, welcomed the Vietnam businesses present for the B2B meetings and mentioned that India has the World’s 3 Largest Startup Ecosystem; 1 out of 10 Unicoms 107 with total valuation of USD 341 Billion.
80 Start-ups recognized per day-highest globally, Unicorns added in 2021 valued at USD 93 Br 44 21 born in 2022 with a valuation of USD 27 Billion. Supporting this, we also have 15 International Startup Bridges.
Inviting Vietnam to experience India’s World Class Infrastructure Facilities Dr. Mehta informed, we have no.1 Rail network in Asia with 70,000 km railway tracks with 7 times projected growth by 2047; 2 Road network globally with capability of 40-50 km constructed daily; 7 times Increase in Aviation trips by 2047 and by 2025 India will have 72 new airports in India.
These promising statistics of development is a showcase to a developed logistics system India today, added Dr. Mehta
Ms Shwetima Negi, Manager (ASEAN Team), for Invest India, mentioned about the Product Linked Incentive scheme initiated by the Government of India, presently in 14 sectors, is aimed to to promote large scale manufacturing in India. The PLI schemes till date had granted financial incentives for domestic production valued at around USD 26 bn in 14 sectors.
Speaking further on the Indian Community in Vietnam, she Informed, it has witnessed more than 109 thousand tourists in 2022 and nearly 6000 people from India. The two countries also have significant Bilateral ties in areas of Defense Connectivity, Education, Culture, Tourism and People Exchange
Later, Informing about the National Single Window System, an initiative by the government to ensure Ease of doing Business in India, Ms Shwetima said that NSWS is a one stop digital platform for all investor approvals with a GIS enabled repository of industrial grade land for investors.
The delegation visit overall is expected to generate new business leads, enhance bilateral trade, and contribute to the growth of the Indian and Vietnamese economies.
PHD Chamber of Commerce and Industry