MUMBAI, INDIA - Vu Son Thuy, Consul General, Socialist Republic of Vietnam suggested Indian companies to capitalize on the tremendous business opportunities in the Vietnamese economy which is on the cusp of a remarkable transformation owing to its participation in the ongoing talks on Trans-Pacific Partnership (TPP) agreement. This proposed agreement, in conjunction with Vietnam’s second phase of structural reforms or ‘Renovation Two’, would make that economy an attractive destination for Indian investors. Thuy spoke at ’New Opportunities for Indian Enterprises created by Trans-Pacific Partnership in Vietnam’ an interactive meeting organized by World Trade Center Mumbai and All India Association of Industries on April 10, 2015.

TPP is a US-Led initiative on trade and investment agreement in the Pacific region with a deliberate effort to keep China out of it. The twelve countries involved in this negotiation are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, USA and Vietnam.

Currently Vietnam imports 70% of raw material for textile from China. Once the TPP is signed, it would open huge export market for India’s (potential future member of TPP) garment raw material producers. The two main benefits for Vietnam from the proposed TPP would be low or zero tariff regime and absence of competition from China.

He pointed out that the East-West Economic Corridor, which is a land route connecting eastern part of India, Myanmar, Northern part of Thailand and Vietnam, could be used by Indian companies to import and export goods to East Asian countries. Using this road route would reduce the time taken for shipment by half compared to the traditional sea route, and this is the shortest route to access TPP countries, Thuy said.

Satish Sablokh, Chairman, Kaamanhu Builders Ltd also echoed the views of Kalantri on the favorable investment climate in Vietnam.

Earlier in his welcome address Vijay Kalantri, Vice Chairman, World Trade Center Mumbai and President, All India Association of Industries raised hope that this event would set the stage for considerable growth in the bilateral trade between both the countries.

Noting that Vietnam is a high-growth economy among ASEAN countries and that its goods in sectors like textiles are exported to many countries of the world, Kalantri said India would gain immensely by having strong ties with the country. He stressed on the tremendous business opportunities in Vietnam.  Ms. Rupa Naik, Director-Projects, World Trade Center Mumbai proposed the vote of thanks.

Caption: From L-R: Vijay Kalantri VC, WTC Mumbai and President, AIAI felicitated Vu Son Thuy, Consul General, Socialist Republic of Vietnam. Looking on is Satish Sablokh, Chairman, Kaamanhu Builders Ltd., during an interactive meeting on “New Opportunities for Indian Enterprises created by Trans Pacific Partnership in Vietnam” held on April 10, 2015 jointly organized by World Trade Center Mumbai and All India Association of Industries.

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