There is great potential for co-operation between Viet Nam and India, especially in renewable energy, a business interaction between the two countries heard in HCM City on December 19.

Taking part in the meeting was a delegation from the Confederation of Indian Industry (CII) led by Indronil Sengupta of Tata Sons, which visited Viet Nam on December 19-20 to explore new opportunities for economic engagement, investment and trade.

Representing the Vietnamese side were investment and trade promotion officials and business executives from 16 southern cities and provinces, including Can Tho, HCM City, An Giang, Bac Lieu, Binh Duong, Binh Phuóc, Binh Thuan, Hau Giang, Tien Giang, and Tra Vinh.

Dr K Srikar Reddy, the Indian consul general in the city, said: “According to the Foreign Investment Agency of Viet Nam, there are lots of opportunities for investment in infrastructure, power, renewable energy, agro processing, floodwater drainage, textiles, tourism and IT, which I think could be interest of Indian companies present here today.”

There is a lot of potential in the renewable energy sector, which could help expand bilateral trade and investment, he said.

Indian companies such as Tata Power, Shapoorji Pallonji and Suzlon are already working on renewable energy projects in Ninh Thuan, Binh Thuan and Soc Trang provinces, he said.

India is particularly focusing on the renewable energy sector domestically, he said.

Reddy said trade between the two countries was doing quite well, growing from US$1.15 billion in 2006-07 to $10.13 billion last year.

“Bilateral trade is expected to grow and achieve the target of $15 billion by 2020 set by the leaders of both countries.”

P. Harish, the Indian ambassador to Viẹt Nam said Indian industry had built unique strengths and capabilities and is keen to enhance its economic engagement with Viet Nam.

Nguyen Thi Huyen Ngoc from the Investment Promotion Centre for South Viet Nam highlighted the Government’s incentives for renewable energy projects and provided a list of wind and solar power projects seeking investment.

Authorities from Ninh Thuan, Can Tho, Kien Giang, and Hau Giang also presented their investment wish lists and the incentives they are offering investors.

Nguyen Duy Linh Thao, director of the Investment and Trade Promotion Centre of Kien Giang Province, sought Indian investment in three sectors: hi-tech agriculture and fisheries for export processing, infrastructure at industrial parks, and green energy and waste and wastewater treatment. — VNS