PR No – 444
8th August, 2023
New Delhi
PHDCCI in collaboration with Embassy of Vietnam, hosts Vietnam – India Business Forum aiming to strengthen economic ties
PHDCCI in its constant pursuit to expand the International outreach of the Indian Industry, organized the Vietnam-India Business Forum jointly with the Embassy of Vietnam, New Delhi today at its headquarters in New Delhi.
H.E Mrs. Phan Thi Thang, Hon’ble Deputy Minister, Ministry of Industry and Trade, Government of Vietnam, graced the occasion as the esteemed guest of honor. She emphasized on the deep-rooted relationship between Vietnam and India, which celebrated the remarkable milestone of 50 years of diplomatic relations in 2022. Highlighting on the economic achievements, she shared that the trade turnover between the two countries reached a commendable $15 billion USD, a target set by the leaders of both nations.
H.E Mrs. Phan Thi Thang further stated, In the face of global economic fluctuations, Vietnam and India stand strong as important trading partners, uniquely positioned to support each other. Therefore, the two countries have a foundation to strengthen cooperation together to overcome the difficulties more conveniently and easily.
With a focus on advancing economic and trade collaboration between Vietnam and India, H.E Mrs. Phan Thi Thang outlined key priorities, such as, Supply chain strengthening by expanding trade partnerships in sectors such as agriculture, fisheries, textiles, footwear, pharmaceuticals, chemicals, fertilizers, machinery, equipment, and consumer products; Digital transformation while embracing the power of technology via push for digital trade promotion; Efficient shipping routes by the establishment of direct shipping routes between Vietnam and India to better optimize resources, reduce costs, and enhance efficiency; Strategic Investment and encouraging mutual investments in areas of expertise that will further reinforce bilateral collaboration.
H.E Mr. Nguyen Thanh Hai, Ambassador of Vietnam to India in his address, extended his heartfelt gratitude to PHDCCI for organizing such meetings. He stated, in the last two months, we have witnessed a remarkable upswing in interactions between the two countries. The Vietnamese government is optimistic about the comprehensive strategy between the two nations that is fostering an unwavering commitment to people-to-people connectivity.
H.E Mr. Nguyen Thanh Hai also acknowledged the shared history of both nations against colonialism, and expressed delight at the substantial increase in tourism, cultural exchanges, and connectivity between the two nations. The Ambassador further highlighted the bilateral trade reaching an impressive $15 billion USD and deliberated upon how the two countries have established direct flights between Hanoi, Ho Chi Minh City, and Da Nang with many Indian cities such as Delhi, Kochi, Tamil Nadu with a frequency of more than 20 flights per week. This is extremely convenient for the movement of individuals and businesses, creating favorable conditions for businesses, he added.
Dr. Ranjeet Mehta, Executive Director, PHDCCI, in his welcome address informed that this is the third delegation from Vietnam to India and the increasing bilateral cooperation between Vietnam and India is a testament to the growing partnership.
This interaction between industries is truly encouraging and aids in the growth of businesses. Bilateral cooperation between Vietnam and India is indeed on the rise, marked by a surge in visas and a notable increase in interactions between the two nations, concluded Mr. Mehta.
The event was moderated by Mr. Naveen Seth, DSG, PHDCCI and was attended by more than 100 delegates from the Indian Industry.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry