An executive from an Indian firm exchanges information with a local counterpart at a India-Việt Nam business meeting in HCM City on May 23. — Photo courtesy of India Consulate General

HCM CITY — An Indian delegation comprising 17 business executives from various sectors like IT, infrastructure, electrical equipment, aquatic processing, technology services, and renewable energy met with their Vietnamese counterparts to explore tie-ups at a meeting held both online and offline on Tuesday.

Speaking at the event, Dr Madan Mohan Sethi, the Indian consul general in HCM City, said India has become Việt Nam’s seventh largest trading partner after bilateral trade increased significantly in recent years.

He said he saw tremendous scope for enhancing co-operation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism.

He hoped to be a bridge for co-operation between the two sides.

Nguyễn Thị Diễm Quỳnh, deputy director of Long An Province's Department of Planning and Investment, said the province is home to nearly 1,200 foreign-invested projects with total registered capital of US$10.3 billion.

They include seven Indian projects worth $215 million mainly in food processing, animal feed and textile and garment, he said.

The province seeks to industrialise and become the largest hub for processing and distributing agricultural produce in the South in the next 10 years, she said.

It would prioritise attracting investments in supporting industries, processing and manufacturing, automation, electronic equipment and components, software, semiconductors, artificial intelligence, and urban development, she added.

Đoàn Thị Ngọc Vân, deputy director of Đồng Nai Province's Department of Planning and Investment, said her province has a trade surplus with India.

Its major exports include raw materials for plastic, curtain and technical fabrics, machinery, equipment, spare parts, fibre, and yarn.

India’s strengths like IT, biotechnology, education, and medical care are also areas of interest for her province, which offers the two sides a great opportunity to collaborate, she added.

Dr Ranjeet Mehta, deputy secretary general of the PHD Chamber of Commerce and Industry, New Delhi, said the objective of the delegation’s visit is to seek tie-ups with Vietnamese companies in various areas such as agriculture, textiles, education, food processing, railways, infrastructure, and healthcare.

Shwetima Negi of Invest India spoke about her country’s market and opportunities in key sectors such as information technology, manufacturing, aquaculture, logistics, and infrastructure, which are soliciting foreign investment. — VNS