Vietnamese, Indian localities boost trade and investment ties

Wednesday, 2022-06-22 09:35:37
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The Vietnamese booth at the India International Garment Fair 2022. (Photo: VNA)
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NDO/VNA - The Trade Office at the Vietnamese Embassy in India and the Confederation of Indian Industry (CII) have co-organised a virtual conference to promote trade and investment ties between Vietnamese localities and India’s Andhra Pradesh state.

At the event, Neeraj Sarda, chairman of the CII’s chapter in Andhra Pradesh, identified agro-fishery and pharmaceuticals as potential sectors for cooperation.

He said the state is home to the port of Visakhapatnam, which is among India's most important commercial and military ports.

Vietnamese Trade Counselor Bui Trung Thuong emphasised that trade cooperation between India and Vietnam has maintained a high growth rate over the past two decades.

According to data from the Indian Ministry of Commerce and Industry, trade turnover between the two nations reached 14.13 billion USD in the fiscal year 2021-2022 (April 2021-March 2022), creating a solid premise for achieving the 15 billion USD target set by leaders of the two countries.

During the conference, speakers answered questions related to the business climate and tax incentives for investing in priority areas in Vietnam, particularly the central coastal city of Da Nang.

Vietnam’s labour force accounts for 60 percent of the population, with a minimum monthly wage lower than in neighbouring countries and in the region. These advantages may attract foreign investors to the country.

Huynh Lien Phuong, Director of the Da Nang Investment Promotion Centre, said the central economic hub is focusing on the development of tourism, services, logistics, ports and airports, high-tech industry, smart city, start-ups, and high-tech agro-fisheries.

The conference was one of 50 trade and investment promotion events marking the 50th founding anniversary of diplomatic relations between Vietnam and India.