HCM City (VNA) - Garment, food processing, pharmaceuticals,information technology (IT), construction materials, and renewable energy are fieldsof potential where businesses from Vietnam and India can bolster investment in thetime to come.

This view was shared at the India-Vietnam Investment Forum, held jointlyby the Indian Consulate General in Ho Chi Minh City, the Private Economic DevelopmentResearch Board, the Investment & Trade Promotion Centre of HCM City, and VinaCapital Group on January 22 in HCM City.

Don Lam, deputy head of the Private Economic Development ResearchBoard and CEO of VinaCapital, said Vietnam’s private sector continues to expanddespite the COVID-19 pandemic. Nearly 135,000 new enterprises with combinedcapital of 2.2 quadrillion VND (95 billion USD) were set up last year, a 29percent increase in registered capital compared to 2019.

Vietnamese businesses, both large and small, are ready for economicrecovery and development, he said, adding that trading with India is of interestto many of them.

Vietnam’s imports from India rose from 2.7 billion USD in 2016 to over4.5 billion USD in 2019, while the former’s exports to the latter increasedfrom 2.6 billion USD to 6.7 billion USD in the period.

“The strategic relationship between the two countries does not stop at trade,”Lam said. “Indian companies consider Vietnam an attractive destination for their investments in the fields of oil and gas, steel, minerals, tea, sugar, and IT training, aswell as a place for the transhipment of goods in Southeast Asia.”

According to Indian Ambassador to Vietnam Pranay Verma, Vietnam’sinvestment in India now stands at 30 million USD, while Indian companies areinvesting 900 million USD in Vietnam.

He suggested further cooperation in food processing, IT, and tourism.

Vietnamese Ambassador to India Pham Sanh Chau said that with a populationof over 1.4 billion, India is a market of great potential for Vietnameseenterprises. He also proposed the two countries’ businesses invest in garments,food processing, IT, and high-quality human resources training.

Deputy Minister of Planning and Investment Tran Duy Dong stressed theneed for both sides to step up investment promotion and connectivity, both onlineand in-person.

The ministry commits to working together with Vietnamese ministries,sectors, and localities to support Indian enterprises for win-win cooperation,thus helping to lift the Vietnam-India comprehensive strategic partnership to newheights, he added./.