Delegates attend Vietnam-India trade-investment promotion conference (Photo: VNA)The bilateral trade-investment promotion conference titled “Boostingtrade-investment cooperation opportunities between Vietnamese and Indian SMEs”was jointly organised by the Trade Office of the Vietnamese Embassy in India,Uttar Pradesh state government, the Indian Industries Association (IIA) and theHanoi SME Association.
IIA President Pankaj Gupta said that several major enterprisesof India such as Adani Group, Mahindra, SRF and Suzlon have shown interest ininvesting in Vietnam.
He suggesting Indian enterprises invest in Vietnam in thefields of energy, mineral exploration, agricultural chemicals, sugarproduction, tea, coffee, information technology, and automobile components.
Vietnam is currently holding a lot of advantages forinvestors such as favourable investment policies, numerous free tradeagreements, rapid economic growth, stable political situation, cheap labourcosts, and young labour force, he stated.
However, participants pointed to several challenges forforeign investors in Vietnam, including high corporate tax rates of 32-50percent for companies operating in oil and gas exploration and exploitation andother valuable natural resources, complicated administrative procedures, anddependence on cash transactions.
Meanwhile, Vietnamese Ambassador to India Pham Sanh Chauproposed the two countries’ enterprises expand cooperation in supportingindustry, automobile and motorbike spare parts, garment and footwear materialsand household appliances.
According to the Vietnam Foreign Investment Agency, as ofDecember 2020, India had nearly 300 valid projects in Vietnam with totalinvestment of nearly 900 million USD, ranking 26th among countriesand territories pouring capital into the Southeast Asian nation./.
VNA
