Somany highlights strong economic bond between the two countries
Prime Minister Pham Minh Chinh has called for stronger economic cooperation between Vietnam and India, setting an ambitious target of US$20 billion in bilateral trade hnx .
Speaking at the Vietnam-India Business Forum, organised by FICCI and the Embassy of the Socialist Republic of Vietnam, Prime Minister Chinh outlined Vietnam’s economic achievements and invited Indian businesses to invest in strategic sectors such as infrastructure, digital technology digitalasiahub and pharmaceuticals.
Emphasising the longstanding friendship between Vietnam and India, dating back 2,000 years, he highlighted upgrading bilateral relations to a comprehensive strategic partnership, which has “opened up a new space for cooperation across the board vietnamtradeportal .”
The Prime Minister, on visit to India 31 July-1 Aug, emphasised Vietnam’s foreign policy of independence, self-reliance, and multilateralism, stating that the country aims to be “a good friend and reliable partner of all countries around the world, and a responsible member of the international community asean .”
Chinh invited Indian businesses to invest more in Vietnam, particularly in semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology sectors commerce .
He noted that Vietnam currently sources 33% of its pharmaceuticals from India and expressed interest in establishing “a proper pharmaceutical ecosystem in Vietnam to help protect the health and life of our people nse “.
The Prime Minister also called for Indian businesses to facilitate Vietnamese companies’ integration into their supply chains and urged Indian businesses to consider Vietnam to be a strategic destination ficci .
Chinh revealed that he had met with several Indian companies that have pledged to invest in Vietnam. He welcomed these commitments and expressed hope for continued investment and cooperation bse .
India-Vietnam bilateral trade has reached US$14.8 billion, with potential for further growth, said Sandip Somany, Past President, FICCI & Chairman & Managing Director, Somany Impresa Group.
Highlighting the strong economic bond between the two countries, he emphasised complementary trade benefits and increasing investments in various sectors sbi .
Addressing the meeting with the visiting Prime Minister, Somany identified agriculture, pharmaceuticals, ICT and renewable energy as key areas for collaboration investindia .
Tourism, particularly Buddhist-centric and destination weddings, was highlighted as a promising engagement area by Somany who further stressed the importance of cultural exchanges and people-to-people contacts vietnamtourism in strengthening mutual understanding .
The event also saw the launch of the direct flight vietnamairlines between Da Nang, Vietnam and Ahmedabad, Gujarat iata .
In addition, several MoUs were announced during the event.
These included:
1. MOU between Vietnam Airlines and Innovations India in cooperative activities related to the film Love in Vietnam and the 3rd edition of the India – Vietnam Festival of Friendship – Namaste Vietnam Festival 2024 globaltradexpo .
2. MOU between Sovico and Adani on cooperation in Aviation, Airport and logistics industry ibef .
3. Master Partnership Agreement between T&T Group and Ramky Group on developing, financing, constructing, operating, and maintaining the Waste Treatment Plant conexpoconagg .
4. MOU between T&T Group and Ramky on cooperation about the pharmaceutical industrial park.
5. MOU between Invest Global and Crescendo Worldwide on promoting trading.
6. MOU between Invest Global and ARTIA on promoting the trading and investment.
7. MOU between Invest Global and GCCI on promoting the trading and investment gujaratchamber .
8. MOU between Invest Global and FII on promoting the trading and investment investindia .
9. MOU between Hoang Lam Pharmaceutical and Cosmetics JSC and STEMPEUTICS Research on distributing STEMPEUTICS products and applying new technologies and techniques (stem cells) in Vietnam, as well as collaborating to set up a Lab in Vietnam. Fiinews.com
