A view of the business. Photo: tphcm.chinhphu.vn

The view was shared by experts at the “India - Ho Chi Minh City Business Forum” co-organized by the HCM City Investment and Trade Promotion Centre (ITPC) and the Consulate General of India in HCM City on November 21.

ITPC Deputy Director Ho Thi Quyen said that since the establishment of diplomatic relations between the two countries in 1972 and the upgrade of the relationship to a comprehensive strategic partnership in 2016, the Vietnam-India relationship has witnessed great achievements.

She cited statistics by the General Department of Vietnam Customs showing the bilateral trade value between Vietnam and India hit $15.05 billion last year, of which Vietnam's exports reached $7.96 billion, and its imports, $7.09 billion.

As Vietnam's 8th largest trade partner, India is running more than 400 projects in the Southeast Asian nation with total registered capital of more than $1 billion, ranking 26th out of 141 countries and territories investing in the country.

Quyen pointed out that ample room remains for the two countries to expand their trade and investment cooperation, adding they signed a Double Taxation Avoidance Agreement, an Investment Promotion and Protection Agreement and a Commercial and Economic Cooperation Agreement, which have created the foundation for their enterprises to seek investment and business opportunities.

Meanwhile, over the past years, HCM City and India have continuously strengthened and developed their relationship in trade and investment cooperation, as well as people-to-people exchanges.

As of October 2023, India ran 237 investment projects worth more than $131 million, ranking 23rd among 120 countries and territories investing in the city.

The Vietnamese official stressed that the city sees great potential for cooperation with Indian partners, and expressed her hope that India will create more conditions for businesses from both sides to seek opportunities, and promote cooperation across spheres, including trade, tourism, science-technology, health care, and education.

Sunaina Khanna, Assistant Vice President of Invest India, briefed participants on India’s economy, saying India is an ideal investment destination that Vietnamese businesses and investors can consider.

The participating Indian and HCM City businesses expressed their wishes to seek new cooperation opportunities, striving to increase two-way trade, strengthen cooperation in tourism, culture, science, and technology, as well as promote people-to-people exchanges.

Vietnam, India Seek to Enhance Bilateral Relationship Nguyen Phu Trong, General Secretary of Vietnam had a phone call with Indian Prime Minister Shri Narendra Modi.

Vietnam, India Hold Third Dialogue on Comprehensive Strategic Partnership The Vietnam Academy of Social Sciences and the Indians Council on World Affairs jointly organized the third annual dialogue on May 26

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