09:50 | 26/09/2018 Industry
A recent B2B meeting held by the Consulate General of India in Ho Chi Minh City provided networking and partnership opportunities for Vietnamese and Indian businesses in the electrical and power sector.
|Indian Consul General in HCM City K Srikar Reddy speaks at the B2B meeting - Photo: congthuong.vn|
The event featured 14 Indian electricity and power businesses that make products such as transmission equipment and metering solutions.
Dr K Srikar Reddy, Indian Consul General in HCM City, said that from April 2017 to March 2018, bilateral trade between the two countries was at US$12.83 billion, 27 percent higher than the same period last year.
Vietnam’s electricity consumption is expected to grow by 4,000 MW every year, which is a great opportunity to increase trade in electrical machinery between the two nations.”
Kieu Huynh Son, deputy chairman of the HCM City Association of Mechanical and Electrical Enterprises, said that demand for power had risen along with economic growth.
He said that Indian electricity and power machinery was of high quality, and that the Indian market had potential for Vietnamese electrical equipment manufacturers.
Top Indian electricity and power companies such as Tata Power, Adani Energy and Shapoorji Pallonji Group have been investing in Vietnam.
India is the world’s third largest supplier and consumer of electricity.
From 2017 – 2018, total production of the electrical equipment industry in India was at US$27.3 billion, and is expected to increase to US$100 billion by 2022, with Indian suppliers in the industry becoming more competitive with their product quality.
India is among the top 10 trading partners of Vietnam. Indian businesses have invested in 188 major projects worth a total of US$875 million in Vietnam.