On November 2nd 2016,
the Deputy Prime Minister of Vietnam had a meeting with Indian Industry
Federation, led by Mr. Naushad Forbes, President of the Federation and Chairman
of Forbes Mashall Pvt Ltd, came to visit Vietnam.
According to Mr. Naushad
Forbes, currently, Indian companies are investing and developing infrastructure
and thermal power projects in Vietnam, such as Long Phu thermal power project
and through the business forum of the two countries, the two sides are also
interested in seeking opportunities to invest in Vietnam in the field of renewable energy,
information technology, adaptation to climate change and many other areas.
Representatives of the
enterprises under the Indian Industry Federation expressed their confidence in
the political, economic and trade relationship of the two countries. They
suggested that the two-way trade turnover currently stands at 5 billion USD are
still low and not commensurate with the potential of the two countries.
Furthermore, the Indian businesses also affirmed that they will do their best
to promote investment cooperation, long-term trade between business communities
of the two countries in the coming time.
Indian businesses desire
the Government of Vietnam to support and remove difficulties for the joint
project of the two countries in construction, transfer of technology in a
number of hydropower plants, production and assembly car (a joint venture
between Tata Group and TMT Group) and invest in pumping systems in urban to
prevent flooding, pharmaceuticals, transport infrastructure…
According to Deputy
Prime Minister of Vietnam, for many years, Vietnam is an investment destination
of many large enterprises around the world. Despite the world economic recover
slowly and uneven. Moreover, Vietnam economy has to face with difficulties coming
from natural disasters and climate change, the economic growth in the first 9
months of 2016 rose by 6% and export still grew by 8%, while many economies’
export growth is low or negative.
In Vietnam, the
Enterprise Law and the Investment Law (amended) are creating favorable business
investment environment and the Government also has policy to develop 1 million
businesses by 2020. In such conditions, the Vietnam Deputy Prime Minister
affirmed that Vietnam will create favorable conditions for investors, both
domestic and foreign so that Indian businesses will invest in Vietnam more,
especially when Vietnam is a member of the 10 free trade agreements of the
important areas in the world.
Deputy Prime Minister
evaluated that the members of the Federation are strong India businesses, that
are investing in the areas that Vietnam is prioritize the development such as
energy, renewable energy,
information technology… Deputy Prime Minister suggested that Indian businesses
need to promote cooperation and investment in projects in the no. 7 electrical
diagram of Vietnam, especially is to promote the Long Khanh Thermal Power
Project. In addition, Indian companies can also participate in the value chains
of Vietnam in the fields of textiles and footwear when the TPP agreement will
take effect in the coming time.
Vietnam also encourage
cooperation forms such as BOT, PPP and even franchised highway toll collection
for foreign partners when meeting the necessary requirements; encouraging
investment, transferring of technology, energy-saving machinery in automotive
manufacturing, construction industry…
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