Vietnam Wishes to Promote Cooperation with India’s Andhra Pradesh

Consul General of India spoke at the conference “Exploring business and investment between Andhra Pradesh – India and Vietnam” and expressed support for further collaboration between the two countries.

The Trade Office at the Vietnamese Embassy in India, in collaboration with the Andhra Pradesh Economic Development Board, held an online conference on opportunities for business and investment cooperation between Vietnam and the Indian state, VNA reported.

Speaking at the event, Vietnamese Ambassador Nguyen Thanh Hai said that Vietnam’s total export revenue recorded a year-on-year increase of 9.5% to USD 732.5 billion last year. In addition, the country is considered an attractive destination for foreign investment thanks to its stable macro-economy and good inflation capacity.

Indian Consul General in Ho Chi Minh City, Madan Mohan Sethi, assessed that Vietnamese regions and localities are developing and gaining many significant economic achievements.

According to him, there are currently about 300 Indian companies operating and doing business in Ho Chi Minh City – a strategic economic and financial centre of Vietnam.

There are many opportunities for mutual benefit and growth, given the shared strengths of different industries in Andhra Pradesh and Vietnam.

Deputy Director of Can Tho’s Investment Promotion Centre Nguyen Kim Ngoc introduced participants to development potential of the city – the centre of the Mekong Delta region. She affirmed that Can Tho will be a safe destination for Indian investors.

Valarmathi Valaven, special chief secretary to the Government of Andhra Pradesh, said that the state government always creates favourable conditions for foreign investors and businessmen.

He proposed the two sides’ governments and people exert efforts to support enterprises in connectivity activities, thus helping generate more jobs and improve income for labourers.

Andhra Pradesh has been one of the most dynamic states in India over the past five years. It has potential to cooperate with Vietnam in the fields of fisheries, agricultural products, garment and textiles, information technology, as well as seaports and logistics.

Earlier this month, on April 5, an online seminar on India’s foreign trade policy in 2023 was held by the Vietnam Trade Office in New Delhi, attracting the participation of representatives from Vietnamese agencies and businesses, and researchers.

In late March, the Indian Ministry of Commerce and Industry’s Directorate General of Foreign Trade (DGFT) announced the country’s new foreign trade policy in 2023, which is an important policy that will have both short-term and long-term impacts on India’s import and export activities.

India aims to earn USD 2 trillion from exporting goods by 2030.

Two-way trade between Vietnam and India saw a yearly increase of 13.6% to USD 15.05 billion in 2022, including USD 7.96 billion worth of Vietnamese exports, up 26.8% year-on-year.