Speaking at the event held on Tuesday, Chairman of the HiTech Group of Companies, Deep Kapuria, said India is now the 25th largest investor in Viet Nam and hoped that the northern province of Vinh Phuc will offer all the 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 Viet Nam and India have embarked on a comprehensive strategic partnership and the 45th anniversary of bilateral diplomatic ties.
India’s foreign direct investment in Viet Nam doubled in 2015 and surged 64 per cent in 2016. In the first eight months this year, the amount increased 5 per cent from the same period last year to US$98.7 million.
The figure has so far reached $2.91 billion in 152 projects across sectors, placing India 15 out of 116 countries and territories investing in Viet Nam. India is currently the 10th largest trade partner of Viet Nam, while Viet Nam ranks 25 out of the 230 trade partners of India. Among the 10 ASEAN member states, Viet Nam is the second largest importer of India.
From January to August, two-way trade soared 42 per cent year-on-year and is likely to reach $10 billion in 2017.
Thanh said Vinh Phuc is one of the top 10 provinces in terms of the competitiveness index, and ranks second in the north thanks to its favourable geographical location and transport.
Chairman of the Vinh Phuc Provincial People’s Committee, Nguyen Van Tri, said as of late September, Vinh Phuc was home to 253 projects from 16 countries and territories worth in excess of $3.8 billion, three of them, valued at $8 million, were from India.
Vinh Phuc called for Indian investment in automobiles, motorbikes and electronic spare parts, software and pharmaceuticals, as well as urban development, hotels, ecological tourist and entertainment areas and education-training, in addition to 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 a business environment in Viet Nam and Vinh Phuc in particular, and found out more about the local potential, strengths and incentives.