'Info exchange between industries of India and Vietnam inadequate'

President of the Socialist Republic of Vietnam Truong Tan Sang on Thursday said the information exchange between the industries of India and Vietnam was inadequate. “We do not have enough information about your products. Indian companies need to come more frequently to Vietnam to sell and exhibit their products,” he added.

Speaking at the Confederation of Indian Industry (CII) Vietnam-India Business Forum, he expressed concerns about the low trade volume and called for more investment and expertise from India in sectors like healthcare, oil and gas, manufacturing, agro-industry, pharmaceuticals, automotive, information technology, shipping and ports, electrical consumer appliances, education, road infrastructure to name just a few. “The demand for material and machinery is very high with a huge export potential for you. Indian businesses need to learn more about the situation in Vietnam so they can profit from it,” said Sang.

He also said the Vietnamese government’s emphasis on development has led to business friendly policies like a reduction of corporate tax, greater freedom to private enterprise, emphasis on exports, production of consumer goods and encouragement to foreign investments.

He called upon Indian companies to avail the preferential policies of his government to promote investment in Vietnam. “This is the most appropriate time to come to Vietnam. We will like to see more Indian companies in our economic map,” he said.

Deputy Prime Minister of Vietnam Nguyen Xuan Phuc also voiced the same opinion and envisaged cooperation between the two countries in high-tech training, infrastructure development, electricity, waste treatment, development of a national telecom system and response to climate change.