HCM CITY — There is great potential for co-operation between Việt 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 Việt 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 Cần Thơ, HCM City, An Giang, Bạc Liêu, Bình Dương, Bình Phước, Bình Thuận, Hậu Giang, Tiền Giang, and Trà Vinh.

P. Harish, the Indian ambassador in Hà Nội, spoke about the commitment of his Government and Prime Minister Narendra Modi to decarbonising India’s future economic growth and reducing the energy intensity of its growth, and to creating a renewables capacity of 175 GW by 2022. 

India’s unique experiment in rolling out renewable energy projects at this scale had immense relevance for Việt Nam, and Indian industry had built unique strengths and capabilities and was keen to enhance its economic engagement with Việt Nam, he said.

Dr K Srikar Reddy, the Indian consul general in the city, said: “According to the Foreign Investment Agency of Việt 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 Thuận, Bình Thuận and Sóc Trăng 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.”

Nguyễn Thị Huyền Ngọc from the Investment Promotion Centre for South Việt 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 Thuận, Cần Thơ, Kiên Giang, and Hậu Giang also presented their investment wish lists and the incentives they are offering investors.

Nguyễn Duy Linh Thảo, director of the Investment and Trade Promotion Centre of Kiên 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