Vietnamese Ambassador to India Ton Sinh Thanh made speech at the conference
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Ambassador Thanh stressed that Vietnam will create favourable conditions for and offer incentives to Indian firms to invest in Vietnam, said Vietnamese Ambassador to India Ton Sinh Thanh.
Vietnam welcomes Indian companies to invest in the oil and gas industry, textiles, support industries, pharmaceuticals, food processing, IT, mechanics, infrastructure development and renewable energy, he stated.
Vietnam has participated in 12 free trade agreements (FTAs) and became a major gateway for export into many large markets such as the US, Japan, and the European Union, he said, adding that Vietnam is now an attractive destination for foreign investors.
Vietnam commends the Indian Government for setting up its 100-million-USD special fund, which supports Indian companies to build production and supply chains in Cambodia, Laos, Vietnam and Myanmar, Thanh said. The Vietnam-India Strategic Partnership has been strengthened in recent years, facilitating economic cooperation between the two countries, he added.
According to the ambassador, along with enhanced links in trade and tourism, Indian firms are increasing their investments in Vietnam. Indian enterprises poured over 230 million USD into Vietnam last year, bringing their country’s total progressive foreign direct investment capital in Vietnam to more than 530 million USD.
Vice Director of the Export Import Bank of India Nirmit Ved said there were many reasons for foreign partners to invest in Vietnam, citing its rapid economic growth, strategic position in Southeast Asia and strengthened international economic relations.
Ambassador Ton Sinh Thanh highlighted the great potential for Vietnam and India to expand their trade and investment links. According to Thanh, Vietnam is a member of 13 free trade areas. Vietnam-India trade ties has developed rapidly in recent years, hitting 5.6 million USD in 2014. In the first seven months of 2015, the figure reached over 3 billion USD. The two nations aim to lift their two-way trade to 15 billion USD by 2020.
Vietnam's key exports to India include mobile phones, electrics, rubber, cashews, textiles, steel and iron, and wool and wood products; while its main imports from India are machinery and chemicals.
