| Date: |
08-04-2011 |
| Subject: |
Indian Companies Expected To Bag $500 Million Orders At Vietnam Trade Expo |
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Indian companies are expected to bag export orders worth 500 million dollars during 21st International Vietnam Trade Expo being held in Hanoi from April 5 to 9.
Apex chamber ASSOCHAM is leading a 70-member Indian business delegation to Vietnam for promoting bilateral trade that has the potential to reach 15 billion dollar mark by 2015. At present, the two-way trade totals 2.75 billion dollars with India among Vietnam’s top ten trading partners.
Potential sectors for trade cooperation between India and Vietnam include chemicals, agri and food processing, information technology, pharmaceuticals, handicrafts, jewellery, machinery and power.
Mr Shantanu Srivastava, chairman of ASSOCHAM’s India-Asian Business Promotion Council, said companies are expected to bag orders worth 350 million dollars from their Vietnamese counterparts.
Indian businesses are also expected to sign export orders worth 150 million dollars with Cuban companies which are participating in the exposition. The orders include resin products, timber, wood products and pharmaceuticals.
Indian ambassador to Vietnam Ranjit Rae said the government has endorsed a scheme to extend preferential credit to Vietnamese companies for import of goods and services. The EXIM Bank of India will extend credit to those executing projects in oil and gas, infrastructure and power sectors.
He said there is enormous scope for boosting trade and investments between the two companies by bridging awareness gap. According to Vietnam’s ministry of planning and investment, Indian companies have invested 210 million dollars so far in 50 Vietnamese projects.
Mr Nguyen Thi Bich Van, deputy head of Vietnam’s ministry of planning and investment’s Foreign Investment Agency, said there are untapped opportunities awaiting Indian investors. He was addressing a business conference being held at Ha Noi.
On April 5, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) also signed a memorandum of understanding with the Vietnam Chambers of Commerce and Industry to mount business promotion activities between the two countries.
Source : orissadiary.com
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