Vietnam has invited Indian companies to invest and set up their manufacturing units in pharmaceutical, petrochemical and auto space in the South East Asian country.
Speaking at an interactive session organized by MVIRDC World Trade Center Mumbai on Wednesday, Pham Sanh Chau, Ambassador of Vietnam to India, said, “The first bilateral project close to our heart is a proposed USD 500 million pharma park in Da Nang city. We are willing to provide incentives for Indian pharma companies to invest in this park, which is set to be the largest park of its kind outside India.”
The Ambassador also invited Indian companies to set up petrochemical complexes and crude oil refineries in Vietnam and highlighted potential for bilateral cooperation in auto components and tourism sectors.
“Tata Motors and Ashok Leyland have shown interest to invest in the automobile sector in Vietnam. In future, we invite investment from Indian auto component manufacturers as Vietnam does not have a strong manufacturing base of auto spare parts,” he said.
In the tourism sector, the aplanning to launch direct flight connectivity between New Delhi and Vietnam's capital city of Hanoi, the ambassador said.
The two countries will be celebrating 50 years of bilateral ties next year and to mark this occasion the Vietnamese Prime Minister will visit India along with a delegation of 200 people, including 100 businessmen in March 2022.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai pointed out, “The current level of $11 billion bilateral trade is far below the true potential. I feel there is scope to enhance this trade volume to $25 billion in the coming years.”
Vietnam can be a hub for India’s exports to EU, USA and other markets with a tariff benefit of upto 9 percent by using Vietnam’s free trade agreements (FTAs), Kalantri said.
WTC Mumbai is also planning to hold a seminar with trade missions of all the ASEAN countries in future and Vietnam can play an important role in this event as it accounts for 15 percent of India’s exports to the ASEAN countries, Kalantri added.