India-VN Business Forum organized

The event was co-organized by the Indian Chamber of Commerce, and the Viet Nam Chamber of Commerce and Industry (VCCI) and the Investment Promotion Centre-South Vietnam (IPCS) under the Vietnamese Ministry of Industry and Trade.

It worked to facilitate Vietnamese and Indian businesses in exchanging and strengthening bilateral trade and investment, making contributions to building safe and trusted supply chain.

The event also helped match the two sides’ enterprises, and enabled them to comprehend their investment mechanisms, laws and opportunities to promote bilateral trade and investment ties, especially amid the outbreaks of the COVID-19 pandemic. 

Indian Deputy Minister of External Affairs Riva Ganguly Das affirmed that Viet Nam is a key pillar in India’s Act East policy and an important partner in the country’s Indo-Pacific Ocean Initiative which is based on shared values and interests in promoting peace, stability and prosperity in the region,

The two-way trade increased from only US$200 million in 2000 to US$12.34 billion in the 2019-2020 fiscal year, she highlighted.

She suggested both sides establish new partnership in agriculture, aquaculture, garments, footwear and electronics.  

As of June, India poured US$887 million in 278 projects in Viet Nam while the Southeast Asian nation invested US$28.55 million in India. 

Vietnamese Ambassador to India Pham Sanh Chau expected the forum would bring practical achievements, enhancing connectivity between the two sides’ enterprises, asserting that some international banks forecasted that the two-way trade would increase by an additional US$1.1 billion each year.

By Hoang Ha