Vietnam seeks more Indian investment

Vietnam, which recorded a growth of 6.23 percent in 2008 despite global recession, has called for more Indian investment in that country.

Since the country holds immense scope for investment, the Indian companies can invest in steel, aluminium, coir, ingots, auto spares, accessories, electrical goods, footwear, food processing, alternative energy, project exports and tourism sectors of Vietnam.

Addressing a seminar on investment, trade opportunities in Vietnam, organised by Confederation of Indian Industry (CII) and Vietnam Embassy, Vu Quang Diem, Ambassador Extraordinary and Plenipotentiary of the socialist republic of Vietnam said, the economic relations between Vietnam and India has been steadily increasing with the total bilateral trade turnover reaching $ 2.5 billion.

The strong flow of investment in the country continues with the total India registered investment reaching $ 5 billion. By the end of June this year, the total investment made by India in that country was $ 195 billion in 30 projects. India ranked 27th among the 76 countries investing in Vietnam. He said, India and Association of Southeast Asian Nations (ASEAN) signed a free trade agreement (FTA) recently and this will help in the creation of an ASEAN-India regional trade and investment area.

Vietnam will be the chairman of this forum next year. Similarly, the country has decided to hold international convention on tourism next year, which will give a fillip to the tourism sector, he added.