Building on the foundation of the thriving Vietnam-India Comprehensive Strategic Partnership, bilateral trade turnover has grown from US$200 million in 2000 to nearly US$15 billion in 2023, with Vietnam's exports to India reaching US$8.5 billion and imports reaching US$5.9 billion.
India has 410 active projects with a total registered capital of US$1.03 billion, ranking 25th out of 146 countries and territories investing in Vietnam. Meanwhile, Vietnam has invested in 16 projects in India with a total investment capital of over US$14 million, not including Vingroup 's investment in India.
According to VNA, at the forum, delegates and business communities from both countries were introduced to the potential, strengths, and investment cooperation aspirations of each side; and proposed solutions to promote cooperation between the two countries, especially in areas where both sides have potential and strengths such as infrastructure, electronics, telecommunications, biotechnology, pharmaceuticals, renewable energy, green economy, digital economy, artificial intelligence (AI), semiconductors, new materials, automobile manufacturing, aviation, and tourism...
Speaking at the Forum, Prime Minister Pham Minh Chinh stated that after nearly 40 years of reform, Vietnam has become one of the 40 largest economies in the world, among the top 20 trading nations, and ranks 32nd in the top 100 strongest national brands globally; it has signed 16 FTAs with more than 60 countries.
After more than five decades of establishing diplomatic relations, upgrading the relationship between the two countries to a Comprehensive Strategic Partnership has opened up new avenues for cooperation in strategic value chains and resources, economic security, climate change response, environment, science and technology, financial connectivity, high-quality human resources, education, and defense and security.
The Prime Minister emphasized: “The traditionally good and friendly relations between the two peoples and two countries; high political trust, open markets; similar cultures, civilizations, and histories, and shared ideas; and a common aspiration to build a strong and prosperous nation, with rapid and sustainable economic development” are the five fundamental factors for businesses of the two countries to come together, cooperate successfully and effectively, and contribute to nurturing the bilateral relationship.
Regarding information on Vietnam's socio-economic situation and investment environment, Prime Minister Pham Minh Chinh stated that Vietnam's business and investment environment is constantly improving. The United Nations Conference on Trade and Development (UNCTAD) has ranked Vietnam among the top 20 countries attracting FDI worldwide. Many reputable international organizations and experts continue to highly appreciate the results and prospects of the Vietnamese economy.
Acknowledging that bilateral economic cooperation between the two countries has not yet reached its full potential, and in the spirit of "If you want to go fast, go alone; if you want to go far, go together," and "work together, win together," to deepen and strengthen Vietnam-India relations, Prime Minister Pham Minh Chinh requested that Indian ministries, agencies, and associations support and promote dialogue and investment connections, acting as an extension between the governments and business communities of the two countries; creating favorable conditions for Vietnamese businesses to expand investment and conduct business effectively in India; and facilitating access for more Vietnamese goods to the Indian market.
Both sides will promote and implement effective measures to achieve the target of reaching US$20 billion in bilateral trade in the near future; continue to strengthen development cooperation (ODA); continue to cooperate closely and support each other in international and regional forums of mutual interest; and support and facilitate the early opening of more direct flights between Vietnam and India.
Prime Minister Pham Minh Chinh expressed his desire for Indian corporations and businesses to continue investing and expanding their investments in Vietnam, cooperating in training high-quality human resources, especially in the fields of semiconductors, science and technology, innovation, digital transformation, green transformation (hydrogen), pharmaceuticals, renewable energy, and biotechnology; to pay attention to supporting and creating favorable conditions for Vietnamese businesses to participate in the value chains of these corporations, especially in areas where Vietnam has potential; to consider Vietnam as a strategic destination for building research and development (R&D) centers and applying high technology; and to regularly provide recommendations and advice to the government, ministries, and localities to remove barriers in production and business processes and improve institutional policies to improve the investment and business environment, smart management, and human resource training.
Prime Minister Pham Minh Chinh emphasized that, in the spirit of "harmonious interests, shared risks," and "what is said must be done, commitments must be fulfilled, and implementation must yield measurable results," the Vietnamese Government is committed to always listening, accompanying, supporting, and creating all favorable conditions for foreign investors in general, and Indian investors in particular, to invest and do business smoothly, efficiently, and sustainably in Vietnam.
* At the forum, in the presence of Prime Minister Pham Minh Chinh and leaders of ministries and sectors, businesses from both countries exchanged six cooperation agreements in the fields of aviation, tourism, culture, pharmaceuticals, etc. Among them, SOVICO Group and Adani Group agreed to cooperate in aviation, airports and logistics; Vietnam National Airlines cooperated with an Indian partner on promoting Vietnamese culture, country, and people in India…
* Within the framework of the Vietnam-India Business Forum, in the presence of Prime Minister Pham Minh Chinh and leaders of ministries, sectors, and businesses from both countries, Vietjet Airlines announced the Da Nang – Ahmedabad (India) route and welcomed its 200 millionth passenger.
Earlier, on the morning of July 31st, during his state visit to India, in New Delhi, Prime Minister Pham Minh Chinh held meetings with leaders of leading Indian corporations in the fields of infrastructure and pharmaceutical technology, calling for investment in large-scale, high-tech projects with a ripple effect in Vietnam.
According to VNA
Source: https://www.sggp.org.vn/5-yeu-to-nen-tang-de-doanh-nghiep-viet-nam-an-do-hop-tac-thanh-cong-post751886.html
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