Prime Minister Pham Minh Chinh speaks at the Vietnam-India Business Forum. Photo: Duong Giang/VNA
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.
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.
Prime Minister Pham Minh Chinh speaks at the Vietnam-India Business Forum. Photo: Duong Giang/VNA
Speaking at the Forum, Prime Minister Pham Minh Chinh said the history of Vietnam-India relations originated from cultural and religious exchanges over 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.
Recalling the impression of Indian Prime Minister Narendra Modi's statement at the G20 Summit in Hangzhou (China): "Vietnam is a strong pillar in India's Act East policy" and "the bilateral relationship between the two countries is based on trust, mutual understanding and convergence of views on various regional and global issues", Prime Minister Pham Minh Chinh affirmed that to achieve these successes, in addition to the fundamental factor of the long-standing good friendship between the two countries and peoples; the support and attention of the two governments, it is necessary to mention the contribution and consensus of the business communities on both sides.
The Prime Minister emphasized: “The good traditional relationship and friendship between the two peoples and two countries; high political trust, open market; similar culture, civilization, history, shared ideas; shared aspiration to build a strong, prosperous country, with rapid and sustainable economic development” are the five fundamental factors for businesses of the two countries to come together to cooperate successfully and effectively, contributing to fostering the relationship between the two countries.
Prime Minister Pham Minh Chinh speaks at the Vietnam-India Business Forum. Photo: Duong Giang/VNA
Informing the Forum on fundamental factors for the development of Vietnam's economy, Prime Minister Pham Minh Chinh said that after nearly 40 years of renovation, Vietnam has become one of the 40 largest economies in the world, in the top 20 trading countries, ranked 32nd in the top 100 strongest national brand values in the world; has signed 16 FTAs with more than 60 countries.
Emphasizing the achievements that have been made, affirming the correctness of Vietnam's development policies and viewpoints, Prime Minister Pham Minh Chinh said that Vietnam is focusing on implementing 6 key points in foreign affairs; the "4 no's" defense policy; economic development; ensuring progress, fairness and social security; an advanced culture imbued with national identity; building a clean and strong political system, and stepping up the fight against corruption, negativity and waste. Along with that, Vietnam is promoting the implementation of 3 strategic breakthroughs in institutional improvement, infrastructure building and human resource training, based on the foundation of science, technology and innovation.
Prime Minister Pham Minh Chinh speaks at the Vietnam-India Business Forum. Photo: Duong Giang/VNA
Providing information on Vietnam's socio-economic situation and investment environment, Prime Minister Pham Minh Chinh said that Vietnam's investment and business environment has been constantly improving. The United Nations Conference on Trade and Development (UNCTAD) has ranked Vietnam among the Top 20 countries attracting FDI in the world. Many prestigious international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy.
Informing that Vietnam identifies the foreign-invested economic sector as playing an important role, with the orientation of selectively attracting foreign investment, creating widespread connections between the FDI sector and the domestic economic sector, promoting public-private cooperation to strongly develop the green economy, digital economy, circular economy, and knowledge economy, Prime Minister Pham Minh Chinh affirmed that the Vietnamese Government always encourages Indian enterprises to expand investment cooperation in areas that India has strengths in and Vietnam has high demand for attracting and prioritizing such as: high technology, electronics, science and technology, AI, infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, high-tech agriculture, pharmaceuticals, etc.
In the spirit of “harmonious benefits, shared risks”, Vietnam cooperates in investment with the principles of “3 guarantees” and “3 together”: Ensuring that the foreign-invested economic sector is always an important part of the economy; respecting, encouraging, and creating the most favorable conditions for this sector to develop long-term, cooperate and compete healthily and equally; Ensuring the legitimate and legal rights and interests of investors; Ensuring political stability, social order and safety; stable policies, constantly improving the investment and business environment so that investors can feel secure in doing business and operating long-term in Vietnam. In particular, listening and understanding between enterprises, the State and the people; Sharing visions and actions to cooperate and support each other for rapid and sustainable development; Working together, enjoying together, winning together and developing together.
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 two sides will promote and implement effective measures to achieve the target of bilateral trade turnover of 20 billion USD in the coming time; continue to strengthen official development assistance (ODA); continue to closely cooperate and support each other in international and regional forums of mutual interest; support and create favorable conditions to soon open more direct flights between Vietnam and India.
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 chain 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; regularly make recommendations and advise the government, ministries, branches and localities to remove barriers in the production and business process and perfect policies and institutions to improve the investment and business environment, smart management, and human resource training.
Prime Minister Pham Minh Chinh requested Vietnamese ministries, branches and localities to strengthen dialogue to remove difficulties and obstacles for Indian investors in Vietnam; review and reform administrative procedures; reduce 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 "harmonized benefits, shared risks", "what is said is 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.
Prime Minister Pham Minh Chinh attends the Vietnam – India Business Forum. Photo: Duong Giang/TXVN
* 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 which, 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.
Vietjet offers many options for people of both countries and tourists with direct flights connecting Hanoi, Ho Chi Minh City with Indian metropolises such as New Delhi, Mumbai, Ahmedabad, Kochi, Tiruchirappalli as well as famous destinations Bodh Gaya, Varanasi... The route connecting the Indian city of Ahmedabad with Da Nang will serve passengers from October 2024. Thus, Vietjet is currently the airline with the most direct flights between Vietnam and India, operating 56 flights per week on 7 routes. The total number of passengers transported between Vietnam and India by Vietjet reached nearly 1.3 million passengers.
Vietjet's 200 millionth passenger was an Indian businessman, Mr. Sandeep Mehta. Vietjet gave the special passenger 1 year of free international flights.
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