Indian TATA Group to expand investment in Vietnam

09:18 | 14/01/2017 Investment

India’s TATA Group has already planned to invest in a wide range of business sectors in Vietnam, said Indronil Sengupta, Executive Director of the conglomerate in Vietnam.

President Tran Dai Quang (right) receives Indronil Sengupta, Executive Director of TATA Group in Vietnam - (Credit: VNA)

He shared the information at a meeting with President Tran Dai Quang in Hanoi on January 12.

Indronil Sengupta said the future investment will target solar- and wind-power projects, a coffee processing plant in Binh Duong, as well as the installation of agricultural machinery to serve demand in the Mekong Delta.

A project to import and assembly TATA light trucks is also part of the plan, he added.

Congratulating the India giant on its success across multilateral fields in Vietnam, President Quang stated that Vietnam always considers foreign companies, including those from India, as a key component of the economy.

The Vietnamese Government is working to improve its legal framework on business in line with international standards to facilitate foreign investors in the country, he added.

The President welcomed TATA’s expansion in Vietnam and expressed his confidence that the group’s Long Phu thermo-power II in Soc Trang, once operational, would open the door for more Indian projects to come to Vietnam.

The Government will create favourable conditions for the Long Phu plant to be put into operation as scheduled, Quang noted, adding that power development is a priority of Vietnam.

He pointed to the fact that Vietnam and India established comprehensive strategic partnership in September 2016 and would celebrate the 45th anniversary of bilateral relations this year.

President Quang suggested the group take advantages of these opportunities to thrive as one of the top investors in Vietnam, particularly in electricity production, mechanics and infrastructure development, helping the two countries soon reach a two-way-trade value of US$15 billion as previously set.

Theo NDO/VNA