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Friday, August 12, 2022

Many Indian firms set eye on HCMC

By Le Hoang

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HCMC – Some 50 Indian firms are participating in the expos of four industries, coatings, rubber, paper and plastic, which began in HCMC on August 3, to seek business and investment opportunities in the city.

R.O. Sunil Babu, Acting Consul General of India in HCMC, said that after the two-year suspension induced by the pandemic, this was the second group of Indian businesses to enter HCMC to seek business opportunities, after the first delegation of the Pharmaceuticals Export Promotion Council of India visited the city last month.

The participating Indian enterprises are mainly active in the chemical and paper industries, accounting for one-third of the total exhibitors at the exhibitions, which are set to wrap up on August 5.

The acting consul general also said that Vietnam Airlines, Vietjet and Indigo of India are operating air routes from Hanoi, HCMC, Danang and Phu Quoc to Delhi, Kolkata and Mumbai, showing positive signs of heightened cooperation.

Thousands of Indian firms will enter Vietnam for business opportunities in the coming months, said Babu. “I believe that many Indian enterprises will make investments in various fields in Vietnam.”

Bilateral trade between India and Vietnam surged to US$13.2 billion last year from US$200 million in 2000. Vietnam is one of India’s strategic partners, Babu said.

In 2021, Vietnam was India’s 15th largest trade partner globally and the fourth biggest in Southeast Asia, while India was Vietnam’s eighth largest trade partner.

Vietnam mainly exports machines, electric devices, chemicals, plastic products and steel to India, while importing steel, cotton, frozen meat, seafood and automobile parts from India.

The potential for the two-way trade partnership is huge, said the acting consul general, adding that it is high time to strengthen the relationship between the two countries.

The exhibitions of Paper Vietnam 2022, Rubber & Tyre Vietnam 2022, Coatings Expo Vietnam 2022 and Plastech Vietnam 2022, are being organized at the Saigon Exhibition and Convention Center in HCMC’s District 7, attracting over 150 exhibitors from 17 nations and territories.

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