New
Delhi (VNA) – The Embassy of Vietnam in India and the Confederation
of Indian Industry (CII) held a seminar in New Delhi on October 10 to
introduce business opportunities in the northern province of Vinh Phuc.
Speaking
at the event, Chairman of the HiTech Group of Companies Deep Kapuria said India
is now the 25th largest investor in Vietnam and hoped that Vinh Phuc
will offer all possible support to Indian investors in the locality.
In
his speech, Vietnamese Ambassador to India Ton Sinh Thanh said 2017 marks the
first year that Vietnam and India have embarked on comprehensive strategic
partnership and the 45th anniversary of bilateral diplomatic ties.
India’s
foreign direct investment in Vietnam doubled in 2015 and surged 64 percent in
2016. In the first eight months this year, the amount increased 5 percent from
the same period last year to 98.7 million USD.
The
figure has so far reached 2.91 billion USD in 152 projects across sectors,
placing India the 15th out of 116 countries and territories investing
in Vietnam. India is currently the 10th largest trade partner of
Vietnam while Vietnam ranks 25th out of 230 trade partners of India.
Among the 10 ASEAN member states, Vietnam is the second largest importer of
India.
In
January-August, two-way trade soared 42 percent year-on-year and is likely to top
10 billion USD in 2017.
Thanh
said Vinh Phuc is one of the top 10 provinces in terms of competitiveness index
and ranks second in the north thanks to favourable geographical location and
transport.
Chairman
of the Vinh Phuc provincial People’s Committee Nguyen Van Tri said as of the
late September, Vinh Phuc was home to 253 projects from 16 countries and
territories worth in excess of 3.8 billion USD, three of them valued at 8
million USD were from India.
Vinh
Phuc calls for Indian investment in automobiles, motorbikes and electronic
spare parts, software, pharmaceuticals, urban development, hotels, ecological
tourist and entertainment areas, education-training, health care, clean
agriculture, infrastructure in industrial parks, clean water supply, wastewater
and industrial and household sewage treatment, he said.
Indian
enterprises and investors expressed their interest in business environment in
Vietnam and Vinh Phuc in particular and found out more about local potentials,
strengths and incentives.-VNA