The two-way trade between India and Vietnam is likely to reach seven billion dollars by 2015 from four billion dollars last year, Indian ambassador Ranjit Rae has said.
Till December last year, Indian companies had invested 790 million dollars in 78 projects currently underway in Vietnam, he said at a four-day international exposition, which ended in Hanoi on April 7.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has mounted a 50-member business delegation including representatives of Indian large companies involved in agro-processing, ICT, pharmaceuticals, infrastructure, engineering, handicrafts and textiles to participate in the Vietnam International Expo 2012.
Rae said both countries plan to open direct air routes with signing of a memorandum of understanding between Vietnam Airlines and Jet Airways. India will also open a cultural centre in Hanoi and has committed to assist Vietnam in restoration and conservation of the UNESCO world heritage site of Champa Civilisation at My Son with a grant of three million dollars.
ASSOCHAM’s initiative to promote bilateral trade and investment opportunities comes as India seeks greater economic engagement with ASEAN countries, said Mr Shantanu Srivastava, chairman of the chamber’s India-ASEAN Business Promotion Council. The country is among Vietnam’s top ten trading partners. “India sees Vietnam as the main destination for investors in southeast Asia and has interests in agriculture, food processing, plastics, paper, minerals, oil and steel,” he added.
The country last year endorsed a scheme to extend preferential credit to Vietnamese companies for import of goods and services. The EXIM Bank of India extended credit to those executing projects in oil and gas, infrastructure and power sectors.
ASSOCHAM has a memorandum of understanding with the Vietnam Chambers of Commerce and Industry to mount business promotion activities between the two countries.
Vietnamese deputy prime minister Nguyen Thien Nhan was on official visit to India from March 25 to April 2 while minister for commerce and industry Anand Sharma visited Vietnam from March 6 to 8, a statement from the industry body said.