Representatives of Indian and Vietnamese businesses exchange notes at the Viet Nam-India Business Matching event held in HCM City on Friday.—VNS Photo Xuan Huong.

HCM CITY (Biz Hub)– A multi-sector delegation of businesses from India met on Friday with executives of Vietnamese companies in HCM City to explore business opportunities.

Trade turnover between Viet Nam and India had increased but the potential had not been tapped because of a lack of information about each other's markets, payment methods and geographic location, Nguyen Tuan, deputy director of the Investment and Trade Promotion Centre of HCM City, said.

Speaking at the Viet Nam-India Business Matching event, Tuan said Vietnamese businesses should map out a long-term development strategy in Indian market, which has a population of 1.2 billion.

Manoj Kumar, consul and head of chancery of the Consulate General of India in HCM City, said a direct flight between India and HCM City is expected to open next year, which would help to further trade relations.

He called on Vietnamese businesses to visit India to study the market and explore business opportunities.

The consulate pledged to offer support to Vietnamese companies so they could invest in the Indian market, he said.

The Indian companies represented during the meeting specialised in various sectors, including animal feed, plastics, machinery, cosmetics, apparel, fashion accessories, handicrafts, chemicals and pharmaceuticals.

Trade turnover between HCM City and India had reached more than US$522 million in the first nine months of the year, Tuan said.

Indian firms have invested in 24 projects in HCM city with a total registered capital of $5.16 million, he added.

The event was organised by the ITPC, the Consulate General of India and the Federation of Indian Exports. —VNS