Vietnam is a Huge Business Opportunity For India: President, Vietnam

~ Vietnamese government’s 10 year modernization policy has opened up a huge demand for products and services in which India businesses have expertise

~ President and Deputy PM emphasized on the need to strengthen strategic partnership between the two countries for mutual profit

“Beginning 2010, Vietnam has implemented a 10 year long modernization policy which has thrown open theneed for products and services worth hundreds of millions of dollar. India with a long standing expertise in almost every one of those field, can take advantage of the same,” said H E Mr Truong Tan Sang Hon’ble President Socialist Republic of Vietnam. He was speaking at an exclusive Vietnam India Business Forum organized by Confederation of Indian Industry (CII) in the commercial capital of India, Mumbai that saw captains of industry of both the nations gather and discuss mutually beneficial business partnerships.

The President invited Indian business and technical expertise in sectors like healthcare, oil & gas, manufacturing, agro-industry, pharmaceuticals, automotive, IT, shipping and ports, electrical consumer appliances, education, road infrastructure etc. to name just a few.. “The demand for material and machinery is very high with a huge export potential for you. Indian businesses need to learn more about the situation in Vietnam so they can profit from it.”

At the same time the President stressed upon the urgent need for information exchange between the two countries. He explained that Vietnam has expertise in sectors which India can also take advantage of e.g. poverty alleviation.

The President also explained that the Vietnamese government’s emphasis on development has led to business friendly policies like a reduction of corporate tax, greater freedom to private enterprise, emphasis on exports, production of consumer goods and encouragement to foreign investments. He called upon Indian companies to avail the preferential policies of his government to promote investment in Vietnam.

Mr. Farhad Forbes, Past Chairman, CII (WR) & Director Forbes Marshall, put Indo-Vietnamese business ties into statistical perspective when he said, “Bilateral trade with Vietnam stands at close to $4 billion, ten times more than what it was in 2000. Vietnam’s exports to India crossed 1 billion in 2010-11, a jump of 92% over the previous year and India’s exports to Vietnam also increased to $2.6billion.” He expected bilateral trade between the two countries to cross US $7 billion by 2015.

Mr Nguyen Xuan Phuc, Deputy Prime Minister of Vietnam, in his keynote address explained that his nation’s image in the international community has changed drastically in recent times. He explained howVietnam has managed to keep the GDP growing by close to 7% per annum even during global recession. He said that the current focus of Vietnam was on building socialist market oriented economy and integration with the world economy and to do that, the nation considers India an important strategic and political partner.

Mr. Xuan Phuc said, “Vietnam and India have a time honoured tradition of friendship. The two nations trust each other. And though India is one of the top 10 business partners of Vietnam, bilateral business is much below potential. The need is thus for strategic partnership and economic relations will receive the highest attention from us.”

He envisaged cooperation between the two countries in “high-tech training, infrastructure development including roads and urban transportation, electricity, waste treatment, development of a national telecom system, response to climate change etc.”