Mumbai, Jul 30 (UNI) A 12-member business delegation from Vietnam met their Indian counterparts here to explore the investment opportunities in that country.
''This is the right time for Indian companies to enter Vietnam, which offers immense potential,'' said Indo-Vietnamese Chamber of Commerce&Industry (IVCCI) president, Kamal Seth, while addressing the gathering held at the Indian Merchants' Chambers (IMC) here yesterday.
Traditional exports to Vietnam included steel, cotton, pharmaceuticals, machinery equipment and metal, while India imported coffee, rubber, electronic and computor hardware, cinnamon and pepper, he said.
Giving an overview of the economy, delegation leader, Pham The Dzung, said Vietnam's economy has grown at 8 per cent for the last 10 years, dipping to 7 per cent in 2008-09. With a population of 84 million, of which half under 25 years of age, it is a vibrant market.
He said the inflation, which hit the Vietnamese economy, was now under control. The per capita income stood at USD 840 and the country was experiencing an inflow of USD 18 billion as Foreign Direct Investments with USD 90 billion reserves.
Inviting the Indian business houses to invest in Vietnam, Mr Dzung said although India's exports to Vietnam increased by 54 per cent from 2006 to 2007, that is USD 880 million to USD 1.3 billion, it still represented less than one per cent of Vietnam's global trade.
The country was also opening the market for foreign bankers, IT and power industries. ''We have a low power tariff rate averaging at 5 cent/Kw, and plan to have a couple of nuclear plants by 2025,'' he added.
UNI ZC SSS AG1126