Act fast on new possibilities, Vietnamese envoy
Though the COVID-19 pandemic will have a long-term impact on education and healthcare, it cannot stop or reverse globalization and local economic cooperation especially of India and Vietnam.
Making this clear, Vietnam Ambassador to India, Pham Sanh Chau, said the two countries should act fast and accept new possibilities, creative way to do business and be flexible in terms of accepting investments and trade and move towards digital economy and conduct digital workshops and virtual exhibitions.
Vietnam, he said, is working on accepting digital certificate of origin and the necessary changes in the legal framework is in progress.
The envoy addressed the “India-Vietnam Business Promotion, Challenges and Opportunities – Post Covid-19” through Interactive Video Conference on on 28 April 2020 in New Delhi by PHD Chamber of Commerce and Industry.
There are unexplored potentials between the two countries, despite of their fast-growing economic background, added Vu Ban Phu, Director General, Vietnam Trade and Promotion Agency.
While many countries have experienced negative growth, Vietnam is still able to secure 3.82% GDP growth rate in the first quarter of 2020. The Asian Development Bank (ADB) have also forecasted that Vietnam GDP growth for the year 2020 will reach 4.8%.
The Indian Ambassador to Vietnam, Pranay Verma called on India and Vietnam to start working on creating alternative supply chains.
He highlighted the potential of investment opportunities in both the countries with Indian investments in Vietnam can be in energy, IT, Pharma, infrastructure and automobiles.
The Vietnamese investment in India can be in infra and food processing, added the envoy.
He invited the business communities of the both the countries to work in more focused and closer cooperation by the ways of digital medium till the pandemic is over.
Vietnam is the 10th largest trading partner of India and India being the 7th largest partner.
Vietnam is a perfect example of India’s Look East policy as well as Vietnam’s Look West policy with a lot of business opportunities, added Dr. D K Aggarwal, President, PHDCCI.
He apprised the participants that the Indian Government will primarily focus on the 3Ts (Tourism, Trade and Technology) post Covid-19 with all its partner countries.
Vietnam is a window to South East Asia and can act as a hub for Indian companies in South East Asia, added Ajay Poddar, Chairman, International Affairs Committee for ASEAN, East Asia and Oceania, PHDCCI. fiinews.com
