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Mar 03, 2023 / 20:25

India firms seek new opportunities in Vietnam

Frequent interaction will enable Indian businesses to understand the Vietnamese market and connect more partners in the country that they have traditional ties with.

A delegation from the Calcutta Chamber of Commerce has explored new trade and investment opportunities in Vietnam in a week-long trip.

  A delegation of Indian officials and businessmen work with Vietnamese partners between Feb 25-Mar 2. Photos: INCHAM

During their visit from February 25 to March 2, the delegation met with a range of senior officials, industry associations, trade bodies, and other stakeholders in order to promote bilateral cooperation.

One key highlight of the trip was a seminar and B2B meeting organized by the Indian Business Chamber in Vietnam (INCHAM), which took place in Hanoi on February 28, drawing 15 prominent Indian companies and representatives from Vietnamese ministries, associations, and businesses.

During the meeting, the Calcutta Chamber of Commerce signed a memorandum of understanding (MoU) with Invest Global, the Investment Information and Consulting Center under the Vietnam Association of Foreign Invested Enterprises (VAFIE).

  Representatives of the Calcutta Chamber of Commerce and the Indian Business Chamber in Vietnam (INCHAM). 

Established in 1999, INCHAM aims to promote economic and business relations between Indian businesses and Vietnamese authorities. With over 120 members from various fields, INCHAM has signed a Memorandum of Understanding with other Chambers on cooperation in expanding trade and investment between India and Vietnam.

The chamber has arranged meetings with senior officials from various departments to help members understand relevant policies and guidelines while providing a smooth framework for Indian businesses operating in Vietnam. “We need to work towards frequent interaction to understand each other's needs and exploit the opportunities in the market," said Indronil Sengupta, Chairman of INCHAM, Hanoi.

Meanwhile, the Calcutta Chamber of Commerce is founded in 1830, the oldest commerce and industry association in Asia. The delegation's visit to Vietnam signifies the increasing importance of bilateral trade and investment opportunities. "The signing of the MoU offers great opportunities for businesses in both countries, especially importers and exporters. The cooperation will help Indian companies learn more about the investment environment in Vietnam and connect with counterparts in the country," said Kishan Kumar Kejriwal, Chairman of the Calcutta Chamber of Commerce.

Vietnam-India bilateral ties have been strengthened in recent years, with a focus on regional security issues and trade. The deepening of ties between the two nations has led to Vietnam engaging India at the level of a comprehensive strategic partner, indicating the importance both nations place on this critical partnership.