Chambers will be very pivotal in re-discovering opportunities of global trade by way of more focused and closer cooperation through digital medium till the pandemic is over

No.PR-35

April 28, 2020

New Delhi

 

Chambers will be very pivotal in re-discovering opportunities of global trade by way of more focused and closer cooperation through digital medium till the pandemic is over

 

The International Affairs Committee, PHD Chamber of Commerce and Industry (PHDCCI) organized an Interactive Video Conference on India - Vietnam Business Promotion, Challenges and Opportunities - Post Covid19”on 28th April, 2020 with H.E. Mr. Pranay Verma, Indian Ambassador to Vietnam, H.E. Mr. Pham Sanh Chau, Ambassador of Vietnam to India, Director General and Deputy Director General of Vietnam Trade and Promotion Agency, Ministry of Industry and Trade of Vietnam, Industry representatives from India and Vietnam.

 

H.E. Mr. Pranay Verma, Ambassador of India to Vietnam mentioned that the role of the Chambers will be very pivotal in re discovering opportunities of global trade and highlighted the role of the Embassy. He mentioned that both the countries have been very fortunate while handling the pandemic by early action and low rate of per capita infection wherein the top level intervention has taken place in both the countries and they provided inspiration on how to control and deal the pandemic. He also mentioned that India and Vietnam should start working on creating alternative supply chains.

 

He mentioned that first quarter of 2020- total trade has gone down by 4% but sectors like Steel, seafood, yarns and chemicals, shown improvement. He mentioned about investment opportunities in both the countries with Indian investments in Vietnam can be in energy, IT, Pharma, infrastructure and automobiles while that of Vietnamese investment in India can be in infra , food processing. He invited the business communities of the both the countries to work in more focused and closer cooperation by the ways of digital medium till the pandemic is over.

 

Dr. DK Aggarwal, President, PHDCCI, welcomed the distinguished dignitaries and congratulated Vietnam for the safety measures taken by them to successfully fight the COVID 19 pandemic. He praised the early measures taken by Vietnam like quarantining 10000 citizens in the early stage of the pandemic, distribution of 7 million fabric masks, 5.2 million surgical masks, and installation of 55000 ventilators while restricting the COVID-19 cases only to 268 despite the 9.8 cr population.

 

Dr. Aggarwal also mentioned that while India shares a cordial relation with Vietnam since 1950 and Vietnam is the 10th largest trading partner of India and India being the 7th largest partner for Vietnam is a perfect example of India’s look east policy and Vietnam look west policy with a lot of business opportunities. He apprised the participants that Government of India will primarily focus on the 3Ts (Tourism, Trade and Technology) post Covid19 with all its partner countries.

 

Mr. Ajay Poddar, Chair, International Affairs Committee for ASEAN, East Asia and Oceania, PHDCCI while thanking both the Ambassadors and dignitaries present mentioned that Global trade has been a key victim of the current outbreak and the upcoming recession may affect the economies. But in a short run, India’s policy is of engaging more with geographically close countries, as there is a lot of potential between both the nations, as Vietnam is a window to South East Asia and  can act as a hub for Indian companies in South East Asia.

 

H.E. Mr. Pham Sanh Chau, Ambassador of Vietnam to India, appreciated PHDCCI for the initiative and being the first one to drive business with Vietnam. He mentioned that this pandemic will have a long term impact on education and healthcare and it cannot stop or reverse globalization and local economic cooperation especially of India and Vietnam. He mentioned that both the countries should act fast and accept new possibilities, creative way to do business and be flexible in terms of accepting investments and trade and move towards digital economy and conduct digital workshops and virtual exhibitions. Vietnam is working on accepting digital certificate of origin and the necessary changes in the legal framework is in progress.

 

Mr. Vu Ban Phu, Director General, Vietnam Trade and Promotion Agency, Ministry of Industry and Trade of Vietnam mentioned that in Central South Asia, India, with a population of nearly 1.4 billion people, is a large market with great potentials for many quality products. The Vietnamese government highly appreciates India as Vietnam's 10th largest trading partner; there are unexplored potentials between the two countries, despite of their fast-growing economic background.

 

Mr. Du Quoc Hung, Deputy Director General, Ministry of Industry and Trade of Vietnam discussed on two main areas, firstly, the economic situation of Vietnam and Vietnam – India trade relations in the first quarter of 2020 and secondly on the methods to overcome the difficulties caused by the pandemic in order to continue developing bilateral trade relations. He mentioned while many countries have experienced negative growth, Vietnam is still able to secure 3.82% GDP growth rate in the first quarter of 2020. The Asian Development Bank (ADB) have also forecasted that Vietnam GDP growth for the year2020 will reach 4.8%.

 

Mr Pradeep Multani. Vice President, PHDCCI while proposing the vote of thanks emphasized the role of Ayush and Ayurveda in present situation.

 

Mr Naveen Seth, Principal Director, PHDCCI, moderated the session. The Session was attended more than 130 participants including members from PHDCCI, Indian Industry, Diplomats from Vietnam and members from Vietnamese Industry from various sectors. And it was also agreed by all that a follow up session to be organized soon for having serious B2B Matching Making webinar.

Ends

Media Division

PHD Chamber of Commerce and Industry