Prime Minister Pham Minh Chinh held meetings with leaders of leading Indian corporations in the infrastructure and pharmaceutical technology sectors, calling for investment in large-scale, high-tech projects with a ripple effect in Vietnam.
According to the VNA special correspondent, during his state visit to India, on the morning of July 31st 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.
Prime Minister Pham Minh Chinh received Mr. Gautam Adani, Chairman of Adani Group, and other leaders of Adani Group - one of India's largest conglomerates operating in infrastructure investment, transportation, energy, etc., with revenue of US$2.7 billion and profit of US$650 million in fiscal year 2023.
Chairman Gautam Adani and other leaders of the Adani Group stated that in Vietnam, the group is investing in Lien Chieu Port in Da Nang, with a total projected investment of $2 billion.
Adani wishes to implement energy investment activities in Binh Thuan, specifically the Vinh Tan 3 Thermal Power Project, with a total expected investment of 2.8 billion USD; cooperate with Vietnam's SOVICO Group to invest in airports, specifically Chu Lai and Long Thanh airports, and invest in building a logistics center in Vietnam.
Prime Minister Pham Minh Chinh highly appreciated the operational model, scale, vision, and role of the Adani Group in contributing to economic development in India and other countries where the group has branches; the group's performance in Vietnam in the past; and welcomed the group's intention to cooperate, invest, and expand investment in Vietnam in the future.
Stating that Vietnam is implementing three strategic breakthroughs to promote socio-economic development, including institutions, infrastructure, and human resource training, Prime Minister Pham Minh Chinh affirmed that Vietnam will create all favorable conditions for foreign investors to participate in investing in essential infrastructure projects in Vietnam such as expressways, airports, seaports, high-speed railways, subways, metros, and logistics centers.
The Prime Minister requested Adani to invest capital and bring advanced, new, high-tech, clean technologies, modern management, high value-added technologies, and technologies with spillover effects to Vietnam, connecting to global production and supply chains.
Regarding the Lien Chieu Port Project, which is facing some procedural obstacles due to adjustments in the investment policy, the Prime Minister requested the corporation to coordinate with the Da Nang City People's Committee, the Ministry of Transport, and relevant agencies and localities to discuss and resolve outstanding issues between the parties, with Adani investing 100% of the capital for port infrastructure development and participating in joint ventures to operate the port, logistics services, and commercial centers.
The Prime Minister welcomed Adani's cooperation with SOVICO in investing in airports and logistics services in Vietnam, initially focusing on the construction of Chu Lai Airport and exploring participation in phase 2 of Long Thanh Airport. He requested Adani to work with the Vietnam Airports Corporation, the Ministry of Transport, and SOVICO Group to research and implement the project, emphasizing the principle of "what is said must be done, what commitments are made must be fulfilled, and what is implemented must yield concrete and tangible results."
Regarding cooperation in the energy sector, the Prime Minister stated that the Government has approved the National Strategy on Green Growth to realize Vietnam's commitment at the 26th Conference of Parties to the United Nations Framework Convention on Climate Change (COP26) to reduce net emissions to zero by 2050; and approved the national power development plan for the period 2021-2030, with a vision to 2050, which includes the development of energy sources such as wind power, solar power, and green hydrogen.
Prime Minister Pham Minh Chinh requested the corporation to continue discussions and work with the Ministry of Industry and Trade, Vietnam Electricity Corporation, and relevant ministries, sectors, and localities on the project; stating that the Vietnamese Government always supports and is ready to create a favorable legal framework for investment, production, and business activities of domestic and foreign businesses, including Indian businesses and the Adani Group; and to accompany and create favorable conditions for the corporation to implement its investment and business activities effectively, successfully, and sustainably in Vietnam.
Prime Minister Pham Minh Chinh held a working meeting with the leaders of the joint venture between SMS Pharmaceuticals Group and Sri Avantika Contractors, which operate in the fields of mining, pharmaceuticals, infrastructure, and trade.
In Vietnam, SMS Pharmaceuticals and Sri Avantika Contractors have formed a joint venture with a Vietnamese company to develop a Pharmaceutical Industrial Park in the Nghi Son Economic Zone, Thanh Hoa province.
During the meeting, Mr. Ramesh Babu, Chairman and CEO of SMS Pharmaceuticals Group and CEO of Sri Avantika Contractors, highly appreciated the investment environment in Vietnam and expressed his desire for the Government to pay attention and create favorable conditions for the approval and development of the project.
Specifically, the joint venture aims to acquire approximately 500 hectares of cleared land to invest in the construction of a pharmaceutical park in Vietnam, with a total investment of around 700 million to 1 billion USD in phase 1, and to expand and attract additional investment of 4-5 billion USD over 10 to 12 years.
Highly appreciating the business performance of SMS Pharmaceuticals and Sri Avantika Contractors in the biopharmaceutical sector in India and the group's contributions to the production of cancer treatment drugs, Prime Minister Pham Minh Chinh welcomed the achievements as well as the group's plans for cooperation, investment, support, and technology transfer with Vietnam in the future.
Noting that Vietnam has abundant pharmaceutical raw materials but its pharmaceutical manufacturing industry is still limited, while with a market of 100 million people, Vietnam imports 33% of its pharmaceuticals from India, the Prime Minister requested SMS Pharmaceuticals and Sri Avantika Contractors to continue discussions and work with the Ministry of Health and other relevant ministries, sectors, and localities to implement cooperation and investment in Vietnam; promote technology transfer, develop the pharmaceutical industry, and build a pharmaceutical industry ecosystem in Vietnam, not only to meet domestic needs and reduce imports but also to export to markets in the region and the world.
The Prime Minister stated that Vietnam applies special investment incentives to projects with large capital scale, rapid disbursement, and meeting criteria regarding high technology, technology transfer, and a high percentage of Vietnamese enterprises participating in value-added chains. He affirmed that the Vietnamese Government always supports and is ready to create a favorable legal framework for investment, production, and business activities of the business community, including Indian enterprises; and will accompany and create favorable conditions for the group to implement effective, successful, and sustainable investment and business activities in Vietnam in the spirit of "harmonious benefits, shared risks."
Following that, Prime Minister Pham Minh Chinh held a meeting with Mr. Dharmesh Shah, Chairman and Founder of BDR Group, and other senior leaders of BDR Group – a company operating in the pharmaceutical manufacturing sector, specializing in cancer drugs, intensive care, dermatology, gynecology, and cardiovascular drugs in many countries. BDR established a representative office in Vietnam in 2022 and currently supplies pharmaceutical raw materials for the production of cancer treatment drugs to several factories in Vietnam.
Chairman Dharmesh Shah and senior leaders of the BDR Group expressed their desire for the Prime Minister to direct the acceleration of the approval and licensing of the distribution of drugs for the treatment of certain types of cancer, such as prostate cancer and breast cancer, in the Vietnamese market; to implement cooperation on drug manufacturing and the transfer of pharmaceutical production processes; to support Vietnamese pharmaceutical manufacturing facilities that have been granted GMP certificates to meet EU-GMP and WHO-GMP standards; and to build a data center.
Highly appreciating the effective business operations of corporations and joint ventures in the biopharmaceutical sector in India and the corporation's contributions to the production of cancer treatment drugs; welcoming the corporation's intention to cooperate, support, and transfer technology with Vietnam in the future; the Prime Minister requested the corporation to continue exchanging and working with the Ministry of Health and relevant ministries and agencies to implement specific cooperation projects and programs, including researching investment in large-scale, high-tech projects, while simultaneously transferring technology, creating jobs, building a domestic distribution system, and promoting the global distribution chain, in the spirit of "what has been discussed and agreed upon must be done; what has been done must produce a product; the product must be marketable; bringing benefits to all stakeholders, harmonious benefits, and shared risks."
The Prime Minister affirmed that the Vietnamese Government always supports and is ready to create a favorable legal framework for investment, production, and business activities of domestic and foreign businesses, including Indian businesses and the BDR Group; and to accompany and create favorable conditions for the group to implement its investment and business activities effectively, successfully, and sustainably in Vietnam.
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