Invest Global, an investment consultancy under the Vietnam Association of Foreign-Invested Enterprises (VAFIE), and a delegation of 15 Indian businesses have signed an agreement on boosting investment cooperation between the two countries.
The signing ceremony took place within the India-Vietnam Business Meet in Hanoi on Wednesday. The event aimed to enhance bilateral trade and business cooperation, especially in information technology, communications, recreational technology, petrochemicals, healthcare, water treatment, infrastructure, food, medical waste, organic farm produce, and renewable energy.
At the event, Nguyen Anh Tuan, vice head of the Foreign Investment Agency (FIA), said Vietnam is becoming a safe investment destination thanks to its efforts in improving the business environment, amid the global trend of diversification in investments.
Tuan listed strengths of Vietnam, including high economic openness, young population, stable political-economic conditions, and effective control of the pandemic. He added that the country should strive harder to improve its institutions, infrastructure, and high-quality workforce.
So far, India has invested in 340 projects in Vietnam, with total registered capital of $1 billion, becoming the 24th largest investor in the Southeast Asian nation. Vietnam has invested $8 million in 11 projects in India.
Prof. Nguyen Mai, chairman of the VAFIE, said: "Vietnam and India consider each other as reliable partners in investment and trade, and their cooperation will see breakthroughs in the near future."
The VAFIE is coordinating with the Indian Embassy in Vietnam to organize many seminars on important fields like pharmaceuticals, textiles, energy and smart city development, helping the two sides’ businesses learn more about each other as well as share experience and investment opportunities, Mai added.
Vietnam-India trade reached $13.24 billion in 2021, up 36.95% year-on-year. The two nations plan to raise bilateral trade to $15 billion, Prime Minister Pham Minh Chinh said at a meeting with Indian Defense Minister Rajnath Singh in Hanoi in June.