Prime Minister Nguyen Tan Dung has reiterated that Vietnam always rollsout the welcome mat for Indian investors and provides all possibleassistance for them.
Addressing over 300 businesses at theVietnam – India trade and investment forum in New Delhi on October 27,the PM unveiled that India’s Tata Group and the Vietnamese Ministry ofIndustry and Trade are taking final steps for the building of the 1.8billion USD Long Phu 2 thermo-power plant, the largest Indian project inVietnam, to begin.
India considers Vietnam a pillar in itsLook East policy while Vietnam values the strategic partnership withIndia, which was established in 2007, as a priority in its externalpolicy. These are considered as important foundations for both countriesto share cooperation opportunities and potential across the board inthe coming time, the Vietnamese PM said.
He suggested makingthe best use of current bilateral and multilateral mechanisms, includingsigned agreements on maritime trade, double taxation avoidance,investment facilitation and protection, tourism and aviation services,to boost trade and investment.
In the meantime, both countriesshould work closely together at global and regional forums while formingan ASEAN – India free trade area and negotiating the RegionalComprehensive Economic Partnership.
Vietnam is, together withother ASEAN member states, accelerating the birth of an ASEAN EconomicCommunity by late 2015, which would oversee a common market of 600million people and a gross domestic product of nearly 2.5 trillion USD,he said, confirming the country’s willingness to work as an entry pointfor Indian goods to enter the bloc.
He told the participantsthat besides the eight free trade agreements already in existence,Vietnam is in talks for another six free trade deals with the EuropeanUnion, the Customs Union of Russia, Belarus and Kazakhstan, the Republicof Korea and the Trans-Pacific Partnership.
In the next twoyears, Vietnam will be a key member of an expansive networking systemgrouping 55 partners, including 15 from the group of 20 developing andemerging economies (G20).
In the PM’s view, the Vietnamese andIndian economies are complementary, with the latter likely to be asupplier of raw materials used in garment, leather and footwear, andmechanical engineering and a potential buyer of Vietnamese consumergoods, electronics, agro-fisheries and wooden furniture.
Theleader suggested more bilateral focus on areas of information andbio-technology, mechanical engineering, chemicals, pharmaceuticals,electricity, oil and gas, and agro-fisheries processing.
Vietnam wants India’s leading groups to develop infrastructure andpartner in religious and cultural tourism in the country, he said.
India is now among the top 10 traders of Vietnam and both aim for 7billion USD in trade value in 2015 and 15 billion USD by 2020, comparingto 5.24 billion USD reached in 2013.
As of late September, 2014, India had 84 projects valued at 260 million USD in Vietnam.-VNA
Addressing over 300 businesses at theVietnam – India trade and investment forum in New Delhi on October 27,the PM unveiled that India’s Tata Group and the Vietnamese Ministry ofIndustry and Trade are taking final steps for the building of the 1.8billion USD Long Phu 2 thermo-power plant, the largest Indian project inVietnam, to begin.
India considers Vietnam a pillar in itsLook East policy while Vietnam values the strategic partnership withIndia, which was established in 2007, as a priority in its externalpolicy. These are considered as important foundations for both countriesto share cooperation opportunities and potential across the board inthe coming time, the Vietnamese PM said.
He suggested makingthe best use of current bilateral and multilateral mechanisms, includingsigned agreements on maritime trade, double taxation avoidance,investment facilitation and protection, tourism and aviation services,to boost trade and investment.
In the meantime, both countriesshould work closely together at global and regional forums while formingan ASEAN – India free trade area and negotiating the RegionalComprehensive Economic Partnership.
Vietnam is, together withother ASEAN member states, accelerating the birth of an ASEAN EconomicCommunity by late 2015, which would oversee a common market of 600million people and a gross domestic product of nearly 2.5 trillion USD,he said, confirming the country’s willingness to work as an entry pointfor Indian goods to enter the bloc.
He told the participantsthat besides the eight free trade agreements already in existence,Vietnam is in talks for another six free trade deals with the EuropeanUnion, the Customs Union of Russia, Belarus and Kazakhstan, the Republicof Korea and the Trans-Pacific Partnership.
In the next twoyears, Vietnam will be a key member of an expansive networking systemgrouping 55 partners, including 15 from the group of 20 developing andemerging economies (G20).
In the PM’s view, the Vietnamese andIndian economies are complementary, with the latter likely to be asupplier of raw materials used in garment, leather and footwear, andmechanical engineering and a potential buyer of Vietnamese consumergoods, electronics, agro-fisheries and wooden furniture.
Theleader suggested more bilateral focus on areas of information andbio-technology, mechanical engineering, chemicals, pharmaceuticals,electricity, oil and gas, and agro-fisheries processing.
Vietnam wants India’s leading groups to develop infrastructure andpartner in religious and cultural tourism in the country, he said.
India is now among the top 10 traders of Vietnam and both aim for 7billion USD in trade value in 2015 and 15 billion USD by 2020, comparingto 5.24 billion USD reached in 2013.
As of late September, 2014, India had 84 projects valued at 260 million USD in Vietnam.-VNA
