An agreement was inked by the Saigon Telecommunications Technology Joint Stock Company (Saigontel) and Ecologic Engineering Private Limited of India within the framework of the Vietnam-India business forum on Decembẻ 17. VNA/VNS Photo

New Delhi – An investment cooperation agreement on infrastructure, industry and innovation development between Việt Nam and India worth US$4 billion was signed in New Dehli on December 17.

The agreement was inked by the Saigon Telecommunications Technology Joint Stock Company (Saigontel) and Ecologic Engineering Private Limited of India within the framework of the Việt Nam-India business forum which was organised by the Ministry of Planning and Investment, the Federation of Indian Industry and the Vietnamese Embassy in India.

Vietnamese National Assembly Chairman Vương Đình Huệ and other Indian officials attended the event.

Under the signed agreement, the two companies will focus on infrastructure investment projects with a long-term vision in such localities as Thái Nguyên, Hải Dương, Đồng Nai, and Hồ Chí Minh City of Việt Nam. 

In India, the two sides will pour capital into innovation hubs and high-tech manufacturing hubs such as Karnataka, Andhra Pradesh, Telegana, Tamilnadu, Maharastra, Uttar Pradesh and Bangalore - the localities which were regarded as the Silicon Valley of India.

In addition to the development of the above-mentioned large-scale investment projects, Ecologic Engineering and Saigontel will actively contribute to promoting bilateral economic cooperation between Việt Nam and India, concentrating on training and developing human resources.

Saigontel, a member of the Saigon Investment Group, is a leading private corporation in Việt Nam in developing industrial - urban - service infrastructure. In addition to completing the infrastructure of adjacent industrial parks, urban areas and necessary services to attract investment, Saigontel also pioneers in investment and development of a network of innovation centres at localities, following international models and trends.

Ecologic Engineering is the Indian branch of US-based Quantum Corporation, a leading multi-industry investment group in the US and Europe, currently managing many investment funds and investment companies in the fields of oil and gas, energy, infrastructure, telecommunications, healthcare and high technology. Ecologic Engineering is interested in developing industrial zones, logistics service centres, transport and industrial infrastructure in India and Việt Nam.

With a population of 1.39 billion people - the world’s second in terms of population and the 6th largest economy in terms of Gross Domestic Product (GDP) and the 3rd largest globally by purchasing power parity, India will be a promising market, affirming its role in the Indo-Pacific region in the future. — VNS