India & Vietnam are emerging as post pandemic Economic Powers in region

India and Vietnam are emerging as Economic Powers in the region that will make a difference in the post-pandemic times. Vietnam and India have emerged as global trade partners due to their policy initiatives and increase in their trade and investments. India’s Aatma Nirbhar Mission can be integrated with the Global Economy mentioned Pranay Verma, Ambassador, Embassy of India, Vietnam in a webinar organized by PHD Chamber of Commerce and Industry (PHDCCI) on Global Trade and Investment Opportunities for Indian Industry in Vietnam.

While lauding PHDCCI’s diligent efforts in fostering business and trade relations of India with other counties of the world, Verma discussed the challenges faced in Vietnam related to disruption in production, supply chain, logistics, and many more yet at the same time arising of new opportunities in areas of technology, business practices, trade relations, diversifying partners and trade baskets.

Verma emphasized that there is a need to take advantage of each other’s economic strength for increasing business relations between two nations at the same time leverage each other’s global value chains to utilize each other’s trade network. There is a need to look at the domestic market, especially in India that can offer growth opportunities to Vietnam with focus on e-documentation, e-payments which will help to increase business growth and foster B2B engagement, connecting MSMEs. There is a need for structural improvement where the government and business partners need to work in sync and also improve shipping connectivity between the two nations. He further added that Mutual recognition of standards and certifications will have a positive impact on the trade and electrical machinery vertical.

Talking about Vietnam and India, economic engagement, and trade investment, he mentioned that there has been an increase in numbers but there is a need to expand our trade basket in the areas of pharmaceutical, auto components, renewable energy, IT, and digital economy, healthcare, startups, fintech, e-commerce, petroleum products, agriculture, among others and also increase in investments done in the field of IT, infrastructure, manufacturing, and others.

Dr. Do Thanh Hai, Vietnam’s Deputy Ambassador spoke about the flow of economic and trade opportunities between India and Vietnam despite the pandemic and, the economic and trade exchange will pick up in the times to come. There is a restructuring of the global supply chain and both nations have the capabilities to take advantage of the opportunity. With the strategic location of both nations and change in reforms, there will be an increase in trade exchange and will be a driving engine for the global economy in near future. We need to find other areas of trade exchange which will help to increase trade relations at the same time meet the population demands of the future.

Le Thi Mai Anh, Head of Southeast Asia, South Asia and Regional Cooperation Division, Asia-Africa Market Department, Ministry of Industry and Trade of Vietnam gave an overview on Vietnam economy and trade relations and opportunities. She highlighted Vietnam and India Comprehensive Strategic Partnership is one of the five pillars that underlines the strong relations. India emerged as the 10 largest trading partner of Vietnam. She mentioned that both the nations should continue to revitalise its business and investment climate and build an advanced and integrated framework for businesses to create more opportunities to further deepen global economy and provides a way for business production and trade facilitation

Do Thi Quynh Nga, Director, Investment Promotion Center – North Vietnam Foreign Investment Agency, Ministry of Planning and Investments of Vietnam in her presentation highlighted on Vietnam investment environment and investment Opportunities in sectors such as processing, healthcare and pharmacy, ICT & software, infrastructure & PPP , M&A startup, banking and insurance, real estate, renewable energy and biotechnology with stable political open society, high and stable economic growth rate, competitive production growth, human resource, institutional mechanism and strategic location.

Source: Economic Times