Indian firms explore business opportunities

Viet Nam was becoming a business destination for Indians, said Ravi Sankar, a trade counsellor at the Indian Embassy in Ha Noi.

Leading Indian economic group Tata wants to export Nano automobiles to ASEAN nations and Europe, and is now seeking partners in Viet Nam.

Sankar said more co-operation opportunities were opening up to businesses from both countries apart from the customary areas of IT, agriculture, oil and gas.

Many Indian businesses have established offices in Viet Nam for ventures connected to mining, automobiles, steel, oil, gas and electricity.

Indians have 38 projects on the go at present with combined capital of more than US$200 million. This ranks them 29th out of 89 foreign investors in Viet Nam.

During a recent business conference in Ha Noi, Vishambhar Saran, president of the Indian Chamber of Commerce, emphasised the importance of Viet Nam in India’s foreign policy.

Under new economic and trade agreements, trade turnover is expected to reach $3 billion this year and $5 billion by 2015. Two-way trade has grown annually by 20 to 30 per cent. In 2008, trade turnover was higher than the $2 billion target set for 2010.

Despite the global economic crisis, turnover also hit more than $2 billion in 2009. Of the total, Viet Nam’s exports to India accounted for $420 million and its imports from India totalled $1.64 billion. — VNS

Tags: Indian firms in Vietnam, invest in Vietnam, Vietnam investment