Executives from Indian and Vietnamese firms exchange information at the Business and Investment Seminar organised by the Indian consulate in HCM City on August 26. — VNS Photo

HCM CITY — The potential for India and Việt Nam to collaborate in textiles, food, pharmaceuticals, and various other sectors is immense, a seminar heard in HCM City on Monday.

Madan Mohan Sethi, the Indian consul general in the city, told the business and investment seminar between India and Việt Nam that the two countries have maintained a good relationship throughout history, aided by their rich cultural heritages and burgeoning economies.

He talked about some of the sectors that businesses from the two sides could promote.

“Let us first consider the textile industry, a sector where both our nations have a rich heritage and significant capabilities. India, with its diverse array of textile traditions and advanced manufacturing capabilities, stands as a global leader in textile production.

“Việt Nam has emerged as a key player in the global textile supply chain, known for its efficiency and competitive edge. By synergising India’s innovation and Việt Nam’s cost-effectiveness, we can create a powerful alliance that leverages the strengths of both countries.

“This collaboration can drive technological advancements, improve production efficiencies, and open up new markets.

“Together, we can sustainably set new standards and meet the growing global demand for high-quality textiles.”

Referring to the food industry, he said the countries possess a rich tapestry of culinary traditions and agricultural resources.

“India’s vast agricultural base and expertise in food processing can complement Việt Nam’s burgeoning food production sector.

“We can enhance food security, promote sustainable practices, and introduce diverse and nutritious food products to international markets by partnering.”

He said the two countries’ combined efforts could lead to innovation in food technology, improved supply chain management and increased exports.

“In general, the potential for India and Việt Nam to collaborate in textiles, food or logistics, pharmaceuticals, and many other sectors is immense. By forging strong partnerships and leveraging our respective strengths, we can create a mutually beneficial relationship that drives growth, innovation, and prosperity.”

Trần Ngọc Liêm, general director of the Việt Nam Chamber of Commerce and Industry’s HCM City branch, said India is among the top 10 trading partners of Việt Nam, which in turn is an important country in India's “Look East policy” as reflected in the multi-faceted co-operation between the two countries in recent years.

Bilateral trade reached US$7.18 billion in the first half of the year, up 2 per cent year-on-year, with Việt Nam’s exports being worth $4.37 billion.

Việt Nam’s key export included phones and accessories, computers, electronic equipment, machinery and mechanical appliances, chemicals and coffee, while iron and steel and pharmaceuticals were among its key imports, he said.

“In general, the structure of imports and exports between Việt Nam and India is balanced and complementary with each other.”

The two countries target reaching $20 billion soon.

“To achieve this goal, Việt Nam and India need to further strengthen co-operation in fields where the two sides have strengths and competitive advantages and complement each other such as minerals, chemicals, textiles, footwear, energy, healthcare - pharmaceuticals, supporting industries, machinery and equipment, auto parts, agricultural machinery, and information technology,” Liêm said.

In terms of investment, he said as of April 2024 Indian firms had invested $1.02 billion in 402 projects to ranking 26th out of 141 countries and territories investing in Việt Nam.

India's investments are mainly in biotechnology, automation, new materials, and clean energy.

Organised by the consulate, the seminar was attended by government officials from India’s Punjab state and 25 Indian companies in agriculture - food, construction materials, chemicals, pharmaceuticals, general trading, mechanical engineering, garment, and information technology.

Delegates also spoke about Punjab’s potential and India’s strengths on which investors could captitalise.

There was a B2B interaction between more than 100 businesses from the two sides, offering opportunities for them to find new partners and strengthen existing partnerships. — VNS