Vietnam, India step up bilateral trade to boost business investments

Vietnamese Ministry of Industry and Trade, the Chamber of Commerce and Industry along with the Indian Embassy in Vietnam, hosted a seminar “India Calling 2011” to boost business investments in both the countries.

Nguyen Thi Hong (R), deputy chairwoman of the People's Committee, meets participants at the seminar “India Calling 2011” (Photo: SGGP)

50 Indian entrepreneurs from 30 companies in the field of finance, energy, education, construction, high-technology, machinery, medical care and industrial equipment attended the seminar in order to seek lucrative opportunities.

Governments of both the two countries have stepped up bilateral trade to boost business investments. 

Bilateral trade turnover reached more than US$2.75 billion in 2010, an increase of nearly 35 percent than in the same period in 2009.

Two-way trade turnover was estimated at approximately US$3.6 billion for the first nine months of 2011, up by over 33 percent against the same period last year.

The two countries had set a trade turnover target of US$5 billion by 2015 and later decided to increase it to US$7 billion as bilateral ties strengthened.

With India’s rapid growing economy, businesses are exploring   investment opportunities globally. Indian enterprises either prefer to form joint ventures or purchase outright available companies in Vietnam.

For instance, Fortis Healthcare now owns 65 percent of Hoan My Corporation; Marico bought out 85 percent of shares of ICP Vietnam to produce home care items, personal care products, cosmetics and food commodities in Vietnam.

By My Hanh - Translated by Uyen Phuong

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