International forum and expo on investment promotion slated for next year
With the Government of Vietnam committed to achieving net zero emissions by 2050, there is a shift in the country’s priority in foreign investment attraction, said Deputy Minister of Industry and Trade Do Thang Hai on July 26.
Deputy Minister of Industry and Trade Do Thang Hai (centre). (Photo: MPI) Vietnam pays particular attention to energy transition and green industrial production, Hai told visiting Chairman of PDA Ventures Pradeep Deviah as he asked the Indian-based group to keep this in mind while calling for investors to participate in an international forum and expo on investment promotion scheduled in Hanoi between March and April 2023.
The deputy minister stressed that the Vietnamese Government attaches great importance to foreign investment as it is one of the country’s three pillars for economic development. Vietnam sets to rake in 38.5 billion USD in FDI this year despite COVID-19 and it has become more selective in FDI attraction.
He urged PDA Ventures and partners to speed up procedures for the two events to be held on schedule and to promote not only investment but also trade and tourism.
Pradeep Deviah informed his host on the coordination between PDA Ventures and Vietnamese associations and Vietfair company in organising the two events, saying the group will invite potential investors to Vietnam as it is an attractive destination for investors.
According to the Ministry of Industry and Trade, India is Vietnam’s top economic partner in South Asia and the eighth largest trade partner. Vietnam, meanwhile, is India’s 23rd biggest trade partner globally and the fourth largest in ASEAN.
The Vietnam-India trade increased 3.5-fold in a decade, from 2.7 billion USD in 2010 to 9.6 billion USD in 2020, with an annual average growth reaching nearly 16%.
Last year, the bilateral trade totalled 13.2 billion USD, up 36% from 2020, despite COVID-19.
The two-way trade rose by 22% to 7.7 billion USD in the first half of this year; of which Vietnam’s shipments to India were valued at 4 billion USD, up 39% year-on-year, while imports were estimated at 3.7 billion USD, up 8%.
Vietnam mainly exported to India products in processing and manufacturing, agriculture and construction; and imported inputs for textile-garment production, plastics, chemistry, aquatic products, steel and iron./.
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