According to Indian Ambassador to Vietnam Sandeep Arya, electricals and electronics are important for the industrial development of the two countries, and are also areas where Vietnamese and Indian businesses can expand partnership.
In recent years, India and Vietnam have recorded an impressive growth in terms of electricals, electronics and related fields such as power transmission and distribution, the diplomat said.
He, however, noted that the trade value of electrical products between India and Vietnam has just reached more than 200 million USD - a modest figure compared to the cooperation potential between the two countries.
With the recently approved National Power Development Plan VIII, Vietnam has a lot of potential for cooperation with India in these fields, Arya said, adding that the embassy will have more programmes to connect the two countries' business communities, thus expanding trade cooperation.
Nguyen Noi, Deputy General Director of Invest Global, said that Vietnam has a huge demand for investment capital in the field of electrical equipment.
In the period 2021-2030, the total investment capital needed to develop power sources and transmission grids is estimated at 134.7 billion USD, he said.
Foreign investors, including Indian firms, can invest in the form of 100% foreign capital, or through technology transfer, and merger and acquisition (M&A) deals with Vietnamese enterprises, Noi said.
With a leading position in the fields of electricals, electronics, information technology, and artificial intelligence, Indian businesses will certainly achieve success when investing and doing business in Vietnam, he stressed.
Vu Quang Hung, Deputy Director of the Research Institute for Industry Policy and Strategy under the Ministry of Industry and Trade (MoIT), said that there are many opportunities for Indian businesses to work with Vietnamese firms, especially in developing wind, solar and gas power.
Indian businesses can also provide equipment such as boilers and turbines for power plants in Vietnam, and join Vietnamese businesses in providing cable systems, and equipment for power transmission projects, and developing smart grid systems, he said.
Electronic businesses can partner with Vietnamese electricity supply and production businesses in supplying equipment for handling incidents in electricity supply and promoting digital transformation, he added.
IEEMA comprises 900 members, including equipment manufacturers throughout the supply chain of the power generation, transmission and distribution industry, with a combined annual revenue of over 50 billion USD, and export turnover of over 10 billion USD, and supplying 90% of all electrical equipment installed in India.
