The Indian businesses operate primarily in the fields of garments and textiles, chemicals, pharmaceuticals, machinery and industrial equipment, handicrafts, food, and farm produce.
Manoj Kumar, from Indian Consulate General in HCM City, said recent high-level reciprocal Vietnam-India visits and their results have created favourable conditions for both countries’ business communities to cooperate and explore opportunities for investment.
He pledged to bring into full play Vietnam-India business links and facilitate Vietnamese businesses’ investment in the Indian market.
Seminar participants discussed ways of making markets more accessible to Vietnamese and Indian businesses and taking advantage of international investors’ increasing interest in both countries.
Vietnam and India have enjoyed a recent history of effective cooperation spanning economics, politics, science and technology, culture, and education. The two countries, with their consistent rise in annual economic growth, possess a wealth of potential.
The delegates also voiced faith in the future development of bilateral ties as India and ASEAN complete free trade agreement negotiations and both countries are preparing for the 2014 launch of a new direct air route linking India and HCM City.
Vietnam and India are expected to increase annual two-way trade turnover to US$7 billion in 2015, and US$15 billion in 2020.
Nguyen Tuan, Deputy Director of the HCM City Investment and Trade Promotion Centre (ITPC), said Vietnamese and Indian businesses are always looking to promote exchange, establish trade, and increase investment in both local and overseas markets.
He highlighted HCM City’s role in boosting trade ties with India, noting its ambitions to transform itself into a centre for foreign investment.
In the first nine months of 2013, HCM City earned more than US$522 million from exports to India. Indian investors are presently engaged in 24 HCM City-based projects with registered investment totalling US$5.16 million.