The forum was organized by the Ministry of Planning and Investment of Vietnam, the Embassy of Vietnam in India in coordination with the Federation of Indian Chambers of Commerce and Industry.
With the foundation of the Vietnam - India Comprehensive Strategic Partnership developing well, two-way trade turnover has grown from 200 million USD in 2000 to nearly 15 billion USD in 2023; of which Vietnam's export turnover to India reached 8.5 billion USD, and import turnover reached 5.9 billion USD.
India has 410 valid projects with a total registered capital of 1.03 billion USD, 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 more than 14 million USD, not including Vingroup 's investment in India.
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At the forum, delegates and business communities of the two countries were introduced to the potential, strengths, and investment cooperation desires of each side; at the same time, solutions were proposed 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, tourism, etc.
Speaking at the forum, Prime Minister Pham Minh Chinh said that the history of Vietnam-India relations originated from cultural and religious exchanges more than 2,000 years ago and was built and nurtured by two great leaders, President Ho Chi Minh and Indian Prime Minister Jawaharlal Nehru. The two countries have always supported and helped each other in the struggles against foreign invaders and for national independence.
After more than 5 decades of establishing diplomatic relations, upgrading the relationship between the two countries to Comprehensive Strategic Partnership has opened up new cooperation space in value chains and strategic resources, economic security, response to climate change, environment, science and technology, financial connectivity, high-quality human resources, education, national security and defense, etc. In particular, economic, investment and trade cooperation has become a bright spot and an important pillar in the relationship between the two countries.
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Believing that the bilateral economic cooperation between the two countries is not commensurate with their potential; with the spirit of “If you want to go fast, go alone, if you want to go far, go together”, “doing together, winning together”, so that the Vietnam - India relationship goes deeper and more substantial, Prime Minister Pham Minh Chinh suggested that Indian ministries, branches and associations support and promote dialogue and investment connection activities, acting as an extension between the governments and business communities of the two countries; creating conditions for Vietnamese enterprises to expand investment and do business effectively in India; creating favorable conditions for many Vietnamese goods to access the Indian market.
The Prime Minister emphasized that there are five very important fundamental factors between the two countries for businesses of the two countries to continue to cooperate with high trust, success, and efficiency, contributing to the bilateral relationship. These are: Good traditional friendship; high political trust; open market; similar culture and civilization; shared ideas; and a common aspiration to build a strong, prosperous country with rapid and sustainable economic development.
The Head of Government spent time analyzing the fundamental factors for development, major orientations on economy, foreign affairs, national defense, security, social security, culture, and building Vietnam's political system.
After nearly 40 years of innovation, Vietnam has become one of the 40 largest economies in the world, among the top 20 trading countries, ranked 32nd in the top 100 strongest national brand values in the world; signed 16 FTAs with more than 60 countries.
Vietnam continues to synchronously implement solutions to improve the business investment environment, enhance competitiveness; promote administrative reforms, especially cutting and simplifying administrative procedures; focus on reviewing and perfecting mechanisms and policies, focusing on removing difficulties for production and business, creating favorable conditions for people and businesses.
Vietnam is promoting the implementation of 3 strategic breakthroughs (improving institutions, building infrastructure and training human resources) based on the foundation of science, technology and innovation. At the same time, it is renewing traditional driving forces (investment, export, consumption) and promoting new growth drivers (digital economy, green economy, circular economy, sharing economy, knowledge economy, emerging fields such as semiconductor chips, artificial intelligence...).
Thanks to that, Vietnam's investment and business environment has been continuously improved. In 2023, FDI attraction reached nearly 36.6 billion USD, an increase of 32.1% compared to 2022; realized FDI capital reached 23.2 billion USD, the highest ever.
Prime Minister Pham Minh Chinh hopes that Indian corporations and enterprises will continue to invest and expand their investment in Vietnam, cooperate in training high-quality human resources, especially in the fields of semiconductors, science and technology, innovation, digital transformation, green transformation (hydrogen), pharmaceuticals, renewable energy, biotechnology, etc.; pay attention to supporting and creating conditions for Vietnamese enterprises to participate in the value chains of corporations, especially in areas where Vietnam has potential; consider Vietnam a strategic destination for building Research and Development (R&D) Centers, applying high technology, etc.
Prime Minister Pham Minh Chinh requested Vietnamese ministries, branches and localities to increase dialogue to remove difficulties and obstacles for Indian investors in Vietnam; review and reform administrative procedures; cut and simplify administrative procedures; increase the application of digital technology, decentralization, decentralization, reduce compliance costs and input costs for people and businesses; prepare infrastructure conditions to attract investment...
Prime Minister Pham Minh Chinh emphasized that in the spirit of “harmonious benefits, shared risks”, “what is said must be done, what is committed must be implemented, what is implemented must have 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 conveniently, effectively and sustainably in Vietnam.
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* At the forum, under the witness of Prime Minister Pham Minh Chinh and leaders of ministries, sectors and businesses of the two countries, 6 cooperation agreements were signed in the fields of aviation, tourism, culture, pharmaceuticals, etc. In particular, SOVICO Group and Adani Group signed a cooperation agreement in the fields of aviation, airports and logistics; Vietnam Airlines cooperated with an Indian partner in promoting Vietnamese culture, country and people in India, etc.
* Within the framework of the Vietnam - India Business Forum, witnessed by Prime Minister Pham Minh Chinh and leaders of ministries, sectors and businesses of the two countries, Vietjet Air announced the Da Nang - Ahmedabad (India) route and welcomed its 200 millionth passenger.
Source: https://kinhtedothi.vn/thu-tuong-pham-minh-chinh-co-5-yeu-to-quyet-dinh-hop-tac-viet-nam-an-do.html
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