Vietnamese, Indian businesses urged to drastically boost cooperation
VGP – Deputy Prime Minister Trinh Dinh Dung has asked Vietnamese and Indian enterprises to be more proactive and drastic in boosting bilateral cooperation, contributing to bringing trade revenues between the two countries to US$15 billion in the near future.
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Deputy Prime Minister Trinh Dinh Dung (L) and Indian President Ram Nath Kovind. Photo: VGP |
Addressing the Viet Nam-India Business Forum in Ha Noi on November 19, Deputy PM Dung affirmed that the time-honored bilateral relationship had its foundation laid by President Ho Chi Minh and Prime Minister Jawaharlal Nehru, and has been continuously nurtured and strengthened by both countries’ successive generations of leaders and people.
The two sides established a strategic partnership in 2007 before elevating it to a comprehensive strategic partnership nine years later, he said.
India is currently one of Viet Nam’s ten largest trading partners, the deputy PM said, stating that as of September 2018, India’s total registered investment capital into Viet Nam reached US$877 million on 201 projects, ranking 29thout of the 129 countries and territories investing in the Southeast Asian nation.
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Indian President Ram Nath Kovind addresses the Viet Nam-India Business Forum in Ha Noi on November 19, 2018. Photo: VGP |
In order to achieve the two-way trade target of US$15 billion, he suggested both sides strengthen investment in the fields of India’s strength and Viet Nam’s demand, accelerate aviation and maritime connectivity, limit and step by step remove trade barriers, and create favorable conditions for imports and exports of the two countries.
Deputy PM Dung stressed the need for both sides to establish a dialogue mechanisms between businesses and businesses, as well as between businesses and the government, while creating forums to share each other’s strategies and visions on development cooperation.
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Photo: VGP |
In his remarks, Indian President Ram Nath Kovind, who is on a State visit to Viet Nam, stated that over the past eight year, two-way trade revenues nearly fourfold, from US$3.7 billion in 2010 to US$12.8 billion in 2017. Hailing this as a rapid and strong growth rate, he expressed belief that the two countries will continue to cooperate in a more effective manner in the time to come.
Congratulating Viet Nam on its significant achievements, the Indian leader emphasized that the two countries’ companies are in the face of huge opportunities to foster bilateral cooperation, especially in the new areas such as information technology, digital economy, renewable energy, health care, and civil aviation, alongside the traditional ones, including agriculture, tourism and pharmaceuticals.
By Vien Nhu
