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| Workers install solar energy system. Indian companies run 132 projects worth US$1.07 billion in Viet Nam, ranking 27th among foreign investors in the country, he said, adding that the majority of Indian investments are in energy, mineral exploration, agro-processing, IT and auto components. — Photo congluan.vn |
HA NOI (Biz Hub) — Viet Nam continues to be an attractive investment destination for Indian companies, Sanjay Kirloskar, chairman and managing director of Kirloskar Brothers Limited, told a conference on November 2 in Ha Noi.
Indian companies run 132 projects worth US$1.07 billion in Viet Nam, ranking 27th among foreign investors in the country, he said, adding that the majority of Indian investments are in energy, mineral exploration, agro-processing, IT and auto components.
India is one of Viet Nam's top 10 trading partners, with two-way trade reaching $5.1 billion in 2015 and $2.9 billion in the past seven months of this year.
These figures are encouraging. But, in order to eliminate trade barriers between the two countries there are issues that must be addressed, such as infrastructure, trade facilitation, expansion of the trilateral highway – which currently includes only India, Myanmar, and Thailand, as well as reducing transaction costs, interconnectivity of goods and labour markets, he said.
Kirloskar said he believes bilateral economic ties will reach greater heights in the future.
Besides implementing two projects in Viet Nam, he hopes to expand his company's investment in the country and introduce advanced technology in pump manufacturing to contribute to reducing flooding and drought in the country's provinces and cities, especially in HCM City and the (Mekong) Delta, Kirloskar said.
Naushad Forbes, the Confederation of Indian Industry president, said Indian firms were looking for investment opportunities in Viet Nam, especially in energy, agriculture, finance, oil and gas, healthcare, information technology and education.
He called for Vietnamese businesses to seek opportunities in India.
Naushad, who also chairs Forbes Marshall, an engineering and energy conservation solutions provider, lauded Viet Nam's investment environment.
Hoang Quang Phong, vice chairman of the Viet Nam Chamber of Commerce and Industry, agreed that the two governments should pay a more attention to accelerating bilateral relations.
Despite several obstacles, Phong said he believed that trade and investment ties would further develop with support from the two governments and efforts of the two business communities. — VNS