Forging stronger ties between the two nations, PHDCCI’s delegation in a visit to Vietnam explored the trade potential between India and Vietnam.
The main focus of the visit was centered around understanding India’s business ecosystem, providing insights into the Ease of Doing Business capabilities, highlighting opportunities in and building strong business partnerships that will benefit both countries, mutually.
H.E. Subhash P. Gupta, Deputy Chief of Mission, Embassy of India in Vietnam, welcomed the PHDCCI delegation and deliberated on the important sectors which holds the promising scope in building on the trade relationship between India and Vietnam. Gupta invited Indian IT companies to invest in Vietnam’s digital eco-system.
As Vietnam is to achieve its target of becoming a net-zero carbon emission country by 2050, it holds immense opportunities for India to further the energy development, build a quality & disaster resilient infrastructure, and water management facilities, among others, added Gupta.
Gupta encouraged Vietnam partners to look for partnerships within India’s healthcare sector, as the sector grew to USD 372 billion in 2022 and holds a competitive advantage of learned and skilled doctors, emerging R&D hubs, and cheap lab testing, among others. In our pursuit to become USD 5 trillion economy and increased EoDB ranking India holds an array of opportunities for its Vietnamese partners.
It is time for India and Vietnam to embark long term linkages between the companies of our countries and ensured that Indian Embassy will aid for any investments and businesses between the two nations, concluded Gupta.
Revolutionizing the Climate Game, Dr Ranjeet Mehta, DSG, PHDCCI highlights the endless opportunities for India and Vietnam to achieve Net Zero carbon economies together.
He stated that India has set a significant target to decrease their carbon footprint by 2030 and ultimately achieve net zero by the year 2070. Vietnam has also expressed a desire to become net zero by 2050, thereby creating an extremely favorable opportunity for both the Indian service sector and Vietnam in terms of sustainability initiatives.
Dr Mehta extended an invitation to all Vietnamese Businesses to visit India and explore the opportunities for business and investments in India.
Indronil Sengupta, Chairman, Indian Business Chamber in Hanoi, Vietnam, said Vietnam has a very liberal foreign trade policy like tax holidays and attractive land reforms, along with bold government reforms, good governance, strong political system, and reduced entry barriers make Vietnam an attractive Investment destination.
Vietnam is an attractive foreign market for India, with a growing young population of 100 million who are upwardly consumers, added Sengupta.
Vietnam is the second country with maximum signed FTA’s, accounting to 40% of global GDP, making it a hub of international relationships. Indian businesses should invest in Vietnam and take advantage of its international relations and available resources, added Sengupta.
Vietnam has a great success story in setting up industrial parks and industrial zones with a plug-and-play model, making it especially beneficial for MSMEs to come to Vietnam, added Sengupta.
H.E. Tran Quang Huy, Director General, Asia and Africa Market Department, Ministry of Industry and Trade, welcomed the distinguished delegates and said Pharma products and services have been received by Vietnamese people as well as medical providers.
Tran added, the improved healthcare services in India can attract a lot of medical tourism, but the Vietnamese do not have a lot of information about the specialized healthcare services. Better information on healthcare services will aid medical tourism from Vietnam to India.