India Development News & Foreign Investment Opportunities

India to partner Vietnam in Satellite Construction

ONGC to invest $36M on potential gas find

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ONGC to invest $136M on potential gas find

 

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The Vice President Naidu embarking to New Delhi after completion of four-day-visit to Vietnam, in Hanoi, Vietnam on 12 May 2019.

Vice President, M. Venkaiah Naidu has informed the Vietnamese Prime Minister that India was ready to partner with Vietnam in satellite construction, both for civilian and non-civilian uses.

He also assured him that India remains committed to extend cooperation in training and capacity building of Vietnam’s defence forces as that country’s requirement.

Naidu discussed with Prime Minister Nguyen Xuan Phuc a wide range of issues and underscored the importance of strengthening the Comprehensive Strategic Partnership between the two nations to ensure peace and security in the region.

On bilateral trade, the Vice President expressed confidence of achieving the target of US$15 billion by 2020.

Naidu met the Vietnamese Prime Minister on 11 May 2019 during his four-day visit to Hanoi 9-12 May 2019.

He pointed out that Indian companies were increasingly looking to invest in emerging sectors like renewable energy and energy conservation, infrastructure, agriculture, agro-products, textiles, pharma and oil and gas.

Naidu informed Nguyen of India’s commitment to address various issues relating to market access and trade barriers.

Seeking Vietnam Prime Minister’s personal intervention in facilitating the entry of Indian pharmaceutical products into their country, the Vice President assured him that the Indian companies can provide high tech health systems and medicines for public health in Vietnam at an affordable cost.

This will make health services more affordable and reduce the insurance burden on the Government of Vietnam, he added.

Regarding oil and gas exploration in Vietnam, Naidu sought an extension of up to 10 years for OVL (ONGC Videsh Limited) contract, which is due to expire in 2023.

He said that OVL has invested more than US$530 million in exploration and exploitation of oil and gas in Vietnam and was exploring possibility of another gas discovery that may entail additional investment of around US$136 million.

He also wanted extension of Production Sharing Contract by Petro Vietnam by two years.

The Vice President also reiterated India’s support to Vietnam for the non-permanent membership of the UNSC for 2020-21 and thanked Vietnam for its support to India to be a permanent member of an expanded UNSC.

Naidu said that India has strong interest in Indo-Pacific region. India’s approach and vision to Indo-Pacific is SAGAR – Security and Growth for All in the Region.

Earlier, inaugurating a ‘Jaipur Foot Artificial Limb Fitment Camp’ held at the Indian Embassy under ‘India for Humanity’ programme to mark the 150th Birth Anniversary of Mahatma Gandhi, the Vice President said the core philosophy of India from time immemorial has been to share and care and emphasized the need to pay attention to the deprived sections.

Stating that the iconic Jaipur Foot provided mobility, a sense of dignity and an ability to live life fully to the differently abled, Shri Naidu lauded Bhagwan Mahaveer Viklang Sahayata Samiti, for providing the services free of charge. fiinews.com

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