10:00 | 10/08/2017 Cooperation
(VEN) - Vietnam Economic News’ My My talked with Mr. Dilbagh Singh, Chairman of the Indian Business Chamber in Vietnam (INCHAM), about the chamber’s contribution for connecting the businesses community of the two sides, and the success that the organization has reached after 18 years of operation.
|Mr. Dilbagh Singh, Chairman of the INCHAM|
Could you highlight INCHAM’s main activities and achievements after 18 years of operation?
We organized activities in major industry segments to improve trade ties with various business groups, and formed business relations with other business chambers in both India and Vietnam, as well as coordinating opportunities for business growth.
Besides that, we have coordinated with the Consulate General of India in Ho Chi Minh City and the Embassy of India in Hanoi for exchange of commercial interests between Indian and Vietnamese businesses and promoting Indian culture and heritage.
INCHAM has supported members for various events of business networking in provinces of Vietnam (with the help of the Consulate General of India and the Vietnam Chamber of Commerce and Industry - VCCI), and conducted an India Business Show in Ho Chi Minh City involving major Indian Industries along with a Vietnamese counterpart.
There were many business meetings held, like B2B meetings and networking events/ events co-sharing with other chambers. INCHAM also involved in delegations having experts and business groups from India in specific segments (pharma, textiles, IT, solar power, leather, packaging, traditional medicines, medical tourism, machinery, banking, etc.) for suitable interactions with members and Vietnamese businesses in Ho Chi Minh City and nearby provinces in the south of Vietnam.
In addition, INCHAM also signed/renewed MOUs with all major chambers and export promotion agencies in India to make INCHAM as a contact point for any Indian-owned business wishing to enter Vietnam.
What do you think are advantages for Indian companies to do business in Vietnam?
We see opportunities for Indian companies here. Vietnam’s imports are related to intermediate goods and other industrial inputs for export processing or export oriented production. Foreign direct investment attracted by the stable policies, security environment, infrastructural status, water and power supply, and low cost of labor, has driven up the manufacturing sector in labor-intensive industries, like garmenting, leather, electronics etc. The cost of imported materials and components comprises almost 90 percent of the value of Vietnam’s exports of manufactured products.
The current push towards renewable energy in Vietnam is bound to open up opportunities in solar and wind energy sectors. Agricultural and agro-processing enterprises, high-tech agricultural equipment, fisheries, information technology, infrastructure projects are some other high priority sectors of Vietnamese government where Indian companies can increase the bilateral trade and plan for investments or joint-ventures.
In your opinion, what industry in Vietnam will catch the most interest of Indian businesses in promoting bilateral trade?
There are areas for potential growth of Indian export. The top five major export commodities from India are machineries and equipment, seafood, pharmaceuticals, cottons (of all kinds), steels (of all kinds) and automotive. There is good scope for growth in agro-processing, gems and jewellery, seafood-processing, leather, information technology, agricultural high-tech equipment, and renewable energy (solar/wind power).
Major exports from Vietnam in 2016 were mobile phones and accessories, computer and electronic hardware, machinery and equipment, ordinary metals and chemicals. Coffee, footwear, garment and textiles have seen consistent growth trends recently while exports of mobile phones and accessories to India are facing strong competition from Chinese products.
Could you share your experience to new Indian companies to do business successfully in Vietnam?
Vietnam is one of the fastest growing economies in the world. Indian companies have a lot of opportunities to do business here with focus, patience, continued communication with business counterparts, and participation in business exhibitions in Vietnam.
What has INCHAM contributed to the local community and society development?
As the Chairman of the Indian Business Chamber in Vietnam, I am delighted that INCHAM has been steering up efforts to make trade and commercial activities effectively so that export and import between Vietnam and India can reach to new heights.
Besides, INCHAM has also contributed many cultural activities such as DIWALI - the Festival of Light, Holi - the Festival of Color or UTSAV - the Festival of New Year and Lunar New Year. Not only stop at serving the Indian community, INCHAM has extended our concerns to social responsibilities by driving the Blood Donation Camp every year and joining in many charity activities, and extended support in training of skill knowledge in various sectors of industry like IT, agro, textile, etc. to create job opportunities.
We have always received warm and cordial response from various governmental authorities and municipal organizations in Ho Chi Minh City such as the Ho Chi Minh City Union of Friendship Organizations (HUFO) and the Department of Foreign Affairs.
What plans does INCHAM have to further expand in Vietnam in the years to come?
In coming years, INCHAM’s objective is to be the leading business chamber in Vietnam to contribute to Vietnamese businesses, society and local community at every walk of life.
|The Indian Business Chamber in Vietnam (INCHAM) is a non-Profit organization, licensed and established in January 1999 with the objective to strengthen ties between Indian Businesses and Vietnamese authorities for promoting economic and business relations between Vietnam and India and also to be the focal point of the Indian community in Vietnam.|