Vietnam seeks Indian investment in pharma park
WTC Mumbai launched a virtual exhibition, on its new age digital platform wetrade.org, to promote trade between India and Vietnam in October 2021 and it will be live till January 7, 2022. The focus sectors of the exhibition are: agro processing, green energy, home décor & textile, industrial machinery etc. It has so far attracted 55 exhibitors from Vietnam and 88 exhibitors from India.
On the sidelines of this virtual exhibition, WTC Mumbai organized an interactive meeting with H.E. Mr. Pham Sanh Chau, Ambassador of Vietnam to India. The meeting was also addressed by senior officials from the trade mission of Vietnam in India, viz. Mr. Bui Trung Thuong, Counsellor & Head of Trade Office, Mr. Bui Anh Dung, First Secretary - Science & Technology Cooperation Office, Mr. Duong Duc Anh, Vice Consul, Consulate General of Viet Nam in Mumbai, Mr. Nguyen Luong Duc, Attache - Investment and Tourism and Mr. Pham Nhu Y, Attache - Consular Section.
Speaking on this occasion, the Ambassador remarked, “India and Vietnam will be celebrating 50 years of bilateral ties next year, and to mark this occasion the Prime Minister of Vietnam will visit India along with a delegation of 200 people, including 100 businessmen in March 2022. WTC Mumbai can host this delegation and organize an interactive meeting with its members. The first bilateral project close to our heart is a proposed USD 500 million pharma park in Da Nang city. We are willing to provide incentives for Indian pharma companies to invest in this park, which is set to be the largest park of its kind outside India. We are in talks with pharma firms in Hyderabad and Gujarat to invest in this park.”
Speaking about other potential sectors for collaboration, the Ambassador mentioned, “Vietnam exports USD 46 billion worth textile products annually, of which 80% of the value comprises of imported raw materials.India can supply cotton and other raw materials, which Vietnam imports from other countries. India can also supply footwear to the large Vietnamese market, which is currently dependent on imports.”
The Ambassador also highlighted potential for bilateral cooperation in petrochemicals, auto components and tourism sectors.
Earlier in his welcome remarks,Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbaipointed out, “The 50th year of India-Vietnam relation can be a landmark moment to build on mutual partnership. The current level of USD 11 billion bilateral trade is far below the true potential. I feel there is scope to enhance this trade volume to USD 25 billion in the coming years. The online bilateral exhibition organized by WTC Mumbai will promote bilateral trade and investment. In future, WTC Mumbai reaffirms its commitment to promote trade and investment with Vietnam by organizing joint exhibitions, exchange of trade delegation and other trade promotion activities. WTC Mumbai is also planning to hold a seminar with trade missions of all the ASEAN countries in future. Vietnam can play an important role in this event as it accounts for 15% of India’s exports to the ASEAN countries.”
The event was attended by senior officials from EXIM Bank of India, IDBI Bank and members of trade & industry.
In Photo (L-R) H.E. Mr. Pham Sanh Chau, Ambassador of Vietnam to India with Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai.