Đào Minh Chánh, deputy general director of the Investment and Trade Promotion Centre of HCM City, speaks at a business networking between Indian and Vietnamese businesses in HCM City on July 18. — Photo courtesy of ITPC

HCM CITY — Vietnamese and Indian businesses have great potential for cooperation in various sectors, a networking event between them heard in HCM City on July 18.

In his opening speech, Đào Minh Chánh, deputy general director of the Investment and Trade Promotion Centre of HCM City (ITPC), said trade between the two countries increased more than 60 times since 2010 to $14.36 billion in 2023, making India the eighth largest trading partner for Việt Nam.

In the first half of this year it was worth $7.18 billion, with Việt Nam’s exports to India estimated at $4.37 billion.

Chánh said: “India is always one of Việt Nam’s strategic trade partners. The two countries have immense potential to boost cooperation further, especially in the mechanical, electrical, electronic, digital technology, and energy industries, high export earners for both countries.

Both Việt Nam and India are focused on developing these industries, he said.

“It’s a good time to further enhance co-operation in these sectors.”

He expected the two sides to find more import-export opportunities, which would help develop their comprehensive strategic partnership.

Trần Hoài Nam, vice chairman of the HCM City Association of Mechanical and Electrical Enterprises (HAMEE), said with their advantages such as strategic locations in Asia, young workforces, large markets, and fast-growing economies, the two countries could cooperate in sectors such as manufacturing, mechanical engineering, infrastructure, renewable energies, information technology, and scientific research.

Rohit Sharma, head of the ASEAN and Oceania Division Confederation of Indian Industry, said Việt Nam is an ideal investment destination for Indian companies, where they have invested over $2 billion directly or indirectly through third countries.

Indian visitors at booths displaying products from the mechanical, electrical - electronics, digital technology, and energy industries at a networking event for Indian and Vietnamese businesses in HCM City on July 18.— Photo courtesy of ITPC

He said Indian companies from India and elsewhere attending the business networking event uniformly expressed a desire to cooperate with Vietnamese firms in various sectors, such as technology, high-tech manufacturing, pharmaceuticals, healthcare, and tourism.

Automation and skill training also offer great cooperation opportunities for the two countries.

Prasannakumar R Shetti, chief representative – Indonesia of Schwing Stetter (India) Pvt Ltd., said his company is looking for dealers/distributors for its construction equipment and then would seek investment opportunities in Việt Nam.

Organised by ITPC in collaboration with the Indian consulate general in HCM City, CII and HAMEE, the event sought to connect Vietnamese and Indian businesses in industries such as paints and chemicals, agriculture and services, waste management, concrete equipment, infrastructure, construction, energy, IT and logistics, exchange experiences, update technologies, and explore opportunities to export their products to each other. — VNS