Indian businesses keen on Vietnamese market

HCM City (VNA) - The Vietnam-India Business Forum opened in
Ho Chi Minh City on November 25 as part of the Indian President Pratibha
Devisingh Patil's five-day visit to Vietnam.

Attending the forum, co-organised by the Vietnam Chamber of Commerce and
Industry (VCC) and the Federation of Indian Chambers of Commerce and
Industry (FICCI), Indian businesses specialising in such areas as chemicals,
hydropower, mineral exploitation and processing, steel, pharmaceuticals,
information technology, agricultural product processing and energy
demonstrated their know-how, abilities and eagerness to establish
cooperative relationships with Vietnamese partners.

The forum also offered an opportunity for both Vietnamese and Indian
business communities to discuss the establishment of mechanisms for active
cooperation within the framework of a strategic partnership and the adoption
of long-term import-export strategies between the two nations.

Speaking at the event, President Patil spoke highly of Vietnam 's
vision and leadership as well as its recent national reconstruction and
economic development through the application of effective renovation
policies.

She said that the active cooperation between the two nations has created
more opportunities for businesses from both countries. This has been
highlighted by their effective trade cooperation over recent years and is
reflected in the Indian companies' keen interest in the Vietnamese market.

India could be an excellent partner for Vietnam , particularly in the
transfer of technologies and experiences regarding university education,
developmental research and public-private investments in infrastructure
development, she said.

The Indian President expressed her belief that the India-ASEAN Free Trade
Agreement, which is expected to be signed in the near future, will help to
rapidly develop the economic relationship between India and Vietnam , as
well as the Vietnam-India partnership in the Mekong region and at both
regional and international forums.

Whilst praising Vietnam 's political stability, investment environment
and free trade policies, Indronil Singupta, head of the FICCI delegation,
expressed his hopes that the forum will lead to a huge step forward in
bilateral economic, trade and investment cooperation.

India has set a target of establishing itself as the fifth-largest
investor in Vietnam , he added. The country currently lies 15 th in the
list of investors in the Southeast Asian nation.

Addressing the forum, Deputy Minister of Industry and Trade Le Duong Quag
suggested that Indian business increase their investments in Vietnam in
the fields of oil and gas exploration, exploitation and processing,
petrochemicals, IT and animal feed processing.

Two-way trade between Vietnam and India reached 1.5 billion USD in
2007 and this figure is expected to hit 3 billion USD by 2010. During the
first nine months of this year, Vietnam 's export turnover to India hit
308 million USD whilst its imports from the South Asian country earned 1.7
billion USD.-Enditem