Minister of Planning and Investment Nguyen Chi Dung shared with Lao Dong Newspaper about the results of Prime Minister Pham Minh Chinh's state visit to India, which took place from July 30 to August 1, 2024. recently.
According to the Minister, it can be said that this visit by the Prime Minister is very meaningful in the current context. The trip opens a new phase in development cooperation, especially in economics, trade and investment, while promoting and deepening the comprehensive strategic partnership between the two countries.
Currently, the trade turnover achieved by the two countries is not commensurate with the potential and advantages of the two countries. Two-way trade turnover has not reached 15 billion USD. India's investment in Vietnam has not reached 1 billion USD. Our country has not fully exploited the potential advantages of the Indian and Vietnamese markets.
In 2016, at the G20 Summit, the Indian Prime Minister announced that he considered Vietnam an important partner in India's look east strategy. The Minister emphasized that there is still a lot of room and potential for cooperation between the two countries.
Regarding the capabilities of Indian businesses, the Minister said they are very strong in science and technology, innovation, bioindustry, pharmaceuticals, energy, manufacturing and processing, and agriculture. If the economies of the two countries complement each other, they will build a high value chain, not only serving the Indian and Vietnamese markets but also expanding participation in the global market. This is also the direction that the two Prime Ministers suggested through this state visit.
"On this visit, the Prime Minister met with many large corporations in important fields such as infrastructure, digital transformation, pharmaceuticals, energy, oil and gas, tourism, and other fields. ... Among them, a prominent event is the business forum between the two countries in a short time, with support from the Vietnamese Embassy in India and the Federation of Indian Chambers of Commerce and Industry, the Ministry. Planning and Investment successfully organized this forum with the participation of more than 300 businesses. These are Indian businesses interested in the Vietnamese market in various fields, in accordance with the policy of encouraging investment our selective investment" - said the Minister.
In the coming time, the head of the investment planning industry stated that Vietnam will actively implement the signed agreements, as well as the Prime Minister's instructions as follows:
First, two-way trade strives to double its current level by 2030, reaching approximately 30 billion USD.
Second, large pharmaceutical projects can be implemented immediately, building drug research production centers and supplying them to the world. These are very potential projects.
Third, with the Lien Chieu Port project in Da Nang, building a logistics, oil and gas center..., the Prime Minister has directed the immediate establishment of working groups to work with Indian businesses in the process of understanding , prepare project documents, help them quickly comply with Vietnamese law but shorten the time, and soon deploy to attract investment from India to Vietnam.
The Minister fully believes that with the Prime Minister's direction along with our active preparation, trade and investment of the two countries will increase strongly in the coming time, and at the same time achieve the orientations set forth. The two leaders of the two countries raised their questions at this meeting.
