VNBusinessNews – Indian agencies will kick off an important investment and trade summit in HCMC tomorrow to enhance the links between Indian businesses and their Vietnamese counterparts as part of India’s efforts to build synergies with Southeast Asia.

The ASEAN North-East India Investment and Trade Opportunities Summit in the southern economic center of Vietnam is a result of the multifaceted ties between India and Vietnam which have developed strongly in recent years, explained Dilbagh Manmohan Singh, vice chairman of the Indian Business Chamber in Vietnam.

Singh told the Daily on Tuesday that in the present-day global scenario, India and Vietnam shared “a wide area of convergence of strategic interests which can provide the basis of building and reinforcing strategic cooperation between the two countries.”

He said such cooperation would help strengthen the regional integration among the Southeast Asian countries to unlock and unfold business opportunities, and that the recent visit of the Indian president to Vietnam confirmed India’s desire to move along this path of progress.

As one of the fastest growing economies in Southeast Asia, Vietnam offers significant trade and investment opportunities similar to those in the North East of India, Singh said.

He said more than 150 government and business delegates from India would participate in the event, which is being organized by the Indian Chamber of Commerce in collaboration with the Ministry of Development of the North Eastern region, and the Vietnam Chamber of Commerce and Industry (VCCI).

Indian businesses will showcase products and services in their wide range of operations, including rubber, machinery and equipment, steel, chemicals, wheat and spices, lubricant and oil, fertilizer, seafood, farm produce, wood, cosmetics, infrastructure, tourism among others.

Singh said also on the agenda would be business-to-business meetings between Indian businesses and their Vietnamese counterparts during the three-day event for them to exchange opportunities for cooperation and partnerships.

Singh said more than 100 Vietnamese delegates, mostly business representatives would attend the event, where they are guided on how to approach India and export their products to the market, especially the Northeastern region of India.

Singh said Indian agencies would be able to arrange trips for Vietnamese companies to explore the vast Indian market.

According to the consulate general of India in HCMC, North East is a region of income tax exemption for investors.

The Indian government is embracing a “Look East” policy to enhance the prospects of the region as a prominent investment destination.

Roaring telecom, infrastructure, textile and garment industry offers Vietnamese businesses an opportunity to tap the emerging region.

The consulate general said in a statement that there was a need for “greater economic engagement” between India and Vietnam. Two-way trade is expected to reach US$2 billion by 2010.

Figures show two-way trade between the two countries had grown around 20% a year over the past years. But it grew tremendously in 2007 when it increased by 51% year-on-year to US$1.5 billion, with over US$1.3 billion in favor of India’s exports. (SGT)