(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong hosted a reception in Hanoi on July 21 for Minister for Finance, Planning and Legislative Affairs in the Government of Andhra Pradesh state of India Buggana Rajendranath.

At the reception. Photo: MPI

Deputy Minister Phuong said Vietnam always considers India a close and reliable partner, with numerous encouraging achievements in the bilateral collaboration such as  politics, diplomacy, national defence, economy, trade, investment, and people-to-people exchange.

Since Vietnam and India upgraded their ties to a comprehensive strategic partnership in 2016, the two-way trade has increased 2.5 times, reached 13.2 billion USD in 2021 and over 15 billion USD in 2022. India ranked 24th among 143 countries and territories investing in Vietnam with 370 projects, worth over 1 billion USD.

The two sides expressed their delight at the sound growth in economic and trade cooperation, and sharing several cultural similarities. They said that investment relations between Vietnam and India not yet commensurate with their political ties, and ample room remains for boosting the two countries’ cooperation in the future.

The two sides agreed to coordinate closely and further promote investment, trade and tourism cooperation to enhance mutual understanding on the investment climate of each other.

For his part, the Indian Minister expressed his impression of Vietnam’s socio-economic development achievements, adding that his visit aims to learn about Vietnam’s business and investment environment, and seeks cooperation opportunities and experience sharing in potential fields of processing and manufacturing, personnel training and industrial park management.

Vietnam has emerged as a promising destination for foreign investors, including those from India. Buggana suggested the two sides consider set up a joint cooperation mechanism between Andhra Pradesh and Vietnam to concretise opportunities and maximise potential of the two sides.

The Ministry of Planning and Investment will make utmost efforts to support Vietnam localities step up exchanges with the Indian state, Deputy Phuong said. He also asked India and Andhra Pradesh state encourage businesses to increase investment and expand their operation in Vietnam, especially in large-scale, green projects with modern technology, information technology, renewable energy, and  semiconductor manufacturing contributing, thus to the deepening the Vietnam-India comprehensive strategic partnership./.

Bao Linh

Ministry of Planning and Investment