On September 10, the Indian Embassy in Vietnam, together with Invest Global and the Indian Chamber of Commerce in Hanoi, organized a seminar named “India-Vietnam Multisectoral Business Meet.” This event was held to mark the visit of the Indian Chamber of Commerce (ICC) delegation to Vietnam and to foster stronger economic ties between the two nations.
Over 50 business representatives from a diverse range of industries in both Vietnam and India attended this significant gathering. They came together to explore potential collaboration opportunities and build new business connections, ultimately strengthening the bilateral relationship between the two countries.
This seminar is aligned with the Vietnam-India Comprehensive Strategic Partnership Action Plan for 2024-2028, which was approved by the Prime Ministers of both countries in August. It reflects the mutual commitment to enhancing economic cooperation and promoting business exchanges.
SOLIDIFYING THE VIETNAM – INDIA COMPREHENSIVE STRATEGIC PARTNERSHIP
Mr. S. Chinpau Ngaihte, First Secretary of the Indian Embassy in Vietnam, emphasized the robust bilateral cooperation between the two countries. He highlighted that trade between Vietnam and India had surpassed $14 billion in 2023, showcasing the dynamic nature of their partnership. The comprehensive strategic partnership has opened doors for expansion across various sectors, and with Vietnamese Prime Minister Pham Minh Chinh’s ambitious goal to take bilateral trade to $20 billion, the economic ties between Vietnam and India are set to become even stronger.
Indian businesses have actively invested in multiple sectors within Vietnam, including automotive parts manufacturing, pharmaceuticals, information technology, tea and coffee processing, renewable energy, and oil and gas exploration. Additionally, Indian companies are showing keen interest in Vietnam’s mineral processing, pharmaceuticals, waste management, information technology, port infrastructure, and agricultural products sectors, indicating a growing presence in the country.
Mr. Ngaihte also shared that the Indian government is committed to boosting its economy to $5 trillion by implementing growth policies that enhance the investment climate. This includes creating a more conducive environment for international businesses, especially those from Vietnam. The Indian government invites Vietnamese companies to explore investment opportunities in India, particularly in sectors where Vietnam has a competitive edge, such as electronics, electric vehicles, wood processing, telecommunications, digital technology, and tourism.
Mr. Bui Trong Thoan, Deputy General Director of Invest Global, offered valuable insights gained from his extensive experience in renewable energy projects, environmental protection, wastewater treatment, infrastructure development, and tourism trade. He highlighted the multiple agreements between Invest Global and Indian chambers of commerce and major associations, which have created a platform for investment cooperation between the two countries, contributing to their economic growth and global recognition.
VIETNAM: A LAND OF OPPORTUNITIES FOR INDIAN INVESTORS
Dr. Rejeev Singh, General Director of the Indian Chamber of Commerce (ICC) and leader of the ICC delegation, noted that ICC had conducted nine successful cooperation programs with Vietnam in the past year. This included reciprocal visits by Indian and Vietnamese delegations, solidifying the bond between the two countries’ business communities.
In the post-pandemic era, the global landscape has undergone significant changes. India, with its massive population of 1.4 billion and a rising middle class, is witnessing an economic revolution. As a result, India has become a preferred choice for establishing global supply chains, and Vietnam has smartly leveraged its strong relationships with the Indian government and businesses to position itself as a key partner in this evolving dynamic.
Mr. Indronil Sengupta, Chairman of the Indian Chamber of Commerce in Vietnam (INCHAM), attributed these positive developments to three main factors. First, Vietnam’s demographic advantage—a population of over 100 million with high consumption potential—makes it an attractive market for Indian investors. Second, Vietnam’s extensive network of free trade agreements within ASEAN provides easier market access for Indian businesses. And finally, the Vietnamese government’s enthusiastic support for industrial and economic zones has streamlined the entry process for foreign businesses, making Vietnam an even more desirable investment destination.
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