WTC Mumbai signs MoU with Vietnam’s Invest Global
Vietnam, a member of ASEAN, is a strategic and economic partner of India. In FY 2021-22, Vietnam was the 23rd largest trading partner of India globally and the 4th largest within the ASEAN region, following Singapore, Indonesia and Malaysia. Bilateral trade between the two countries grew more than seven times in the last decade, from around USD 2 billion in FY 2011-12 to more than USD 14 billion in FY 2021-22. Despite the rising bilateral trade, there still is a huge untapped trade potential for the two countries, especially in sectors such as electronics, pharma, textiles and agro products.
In order to realise this untapped trade potential, MVIRDC World trade Center Mumbai organised an interactive meeting on ‘Trade and Investment Opportunities in Vietnam” with Mr. Duong Duc Anh, Vice Consul, DCM, Consulate General of Vietnam in Mumbai and other delegates from Vietnam. The event was also addressed by Ms. Nguyen Thi Thu Ha, General Director of Invest Global and other members of the Vietnam delegation, which included representatives from large and small scale enterprises.
In his address, Mr. Anh remarked that India currently ranks as the 23rd largest trade partner of Vietnam and he hopes it reaches the 15th position in the near future. ‘‘Even amidst the COVID pandemic, India-Vietnam trade grew from USD 12 billion in FY20 to USD 14 billion in FY22” he informed.
Mr. Anh invited Indian companies to invest in the pharmaceutical park dedicated for Indian companies in Vietnam. This park, he said, was being developed by the Government of Vietnam on 600 hectare land for Indian drug companies. “I assure that this park will help Indian drug companies to be recognized across the globe because of the excellent connectivity and numerous trade agreements of Vietnam” expressed Mr. Anh.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai pointed out that India and Vietnam would be able to double their trade volume from USD 15 billion to 30 billion if a Rupee-Dong trade settlement mechanism is introduced on the lines of the Rupee-Ruble and Rupee-Rial trade mechanism.
Speaking on this occasion, Ms. Nguyen made a presentation on how her organisation can facilitate Indian companies foray into the Vietnamese market by helping them find right partners, liaising with Vietnam government for licensing and statutory approvals etc.
A key highlight of the session was the signing of Memorandum of Understanding (MoU) between WTC Mumbai and Invest Global to promote trade, investment, technology and other forms of co-operation between both countries.
Mr. Ajoykant Ruia, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event.
In Photo: Ms. Nguyen Thi Thu Ha, General Director of Invest Global exchanging MoU with Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai (second from left) at an interactive meeting. Also seen in the photograph are: Mr. Duong Duc Anh, Vice Consul, DCM, Consulate General of Vietnam in Mumbai (first from left) and Mr. Ajoykant Ruia, Vice Chairman, MVIRDC WTC Mumbai (extreme right)