Indian businesses explore opportunities in southern region

An executive from an Indian firm exchanges information with a local counterpart at a India-Vietnam business meeting in HCM City on May 23 - Photo courtesy of the Indian Consulate General

Sethi said he saw tremendous scope for enhancing cooperation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism.

He hoped to be a bridge for cooperation between the two sides.

Nguyen Thi Diem Quynh, Deputy Director of Long An province's Department of Planning and Investment, said the province is home to nearly 1,200 foreign-invested projects with total registered capital of 10.3 billion USD.

They include seven Indian projects worth 215 million USD mainly in food processing, animal feed and textile and garment, he said.

The province seeks to industrialise and become the largest hub for processing and distributing agricultural produce in the South in the next 10 years, she said.

It would prioritise attracting investments in supporting industries, processing and manufacturing, automation, electronic equipment and components, software, semiconductors, artificial intelligence, and urban development, she added.

Doan Thi Ngoc Van, Deputy Director of Dong Nai province's Department of Planning and Investment, said the locality has a trade surplus with India.

Its major exports include raw materials for plastic, curtain and technical fabrics, machinery, equipment, spare parts, fibre, and yarn.

India’s strengths like IT, biotechnology, education, and medical care are also areas of interest for Dong Nai province, which offers the two sides a great opportunity to collaborate, she added.

Dr Ranjeet Mehta, Deputy Secretary General of the PHD Chamber of Commerce and Industry, New Delhi, said the objective of the delegation’s visit is to seek tie-ups with Vietnamese companies in various areas such as agriculture, textiles, education, food processing, railways, infrastructure, and healthcare.

Shwetima Negi of Invest India spoke about her country’s market and opportunities in key sectors such as information technology, manufacturing, aquaculture, logistics, and infrastructure, which are soliciting foreign investment.