“Vietnam is one of the fastest growing economies in the world and it is the country to watch for” said H.E. Dr. Madan Mohan Sethi, the Consular General of India, Ho Chi Minh City, Vietnam. He was speaking at the first ever Invest Vietnam Conclave 2021,organised byIndian Investors Federation along with Embassy of The Socialist Republic Vietnam in India and Leaps and Bounds consulting Vietnam.
The purpose of this conclave was to present Vietnam as an investment destination to Indian investors from various sectors. The webinar had panellists from both the governments and also leaders of Indian corporates in Vietnam.
Setting the tone for the event, Rajat Dhar Director Investments at Indian Investors Federation said, “The Federation plays a crucial role in bringing all stakeholders together ; ranging from government representatives to regulatory bodies and investors and businesses. This results in the enormous business opportunities being identified and multitudes of potentials brought to investor and business community. Therefore, if you missed investing in Vietnam in the 90’s then this is the second chance”.
Addressing to the Investors, H.E. Mr. Pham Sanh Chau, The Ambassador of Vietnam to India, while talking about the potential of India-Vietnam investment relation said “ India, which is 10 times the size of Vietnam received $ 82 bn foreign Direct Investment while Vietnam was able to get $ 30 billion”.
Mr Chau also spoke about the attractive sectors of investments in Vietnam including Pharmaceuticals, manufacturing of Automobile parts and technology sector. He also shared that Vietnam has an eco system for the start-ups as well and investors can also look to invest into these young companies with strong vision. “The Embassy has the business-centric approach toward economic diplomacy and is always keen to provide all kind of supports to the investor community” he further continued.
Mr. Dalip Sharma, Director General of Indian Investors Federation, said “the federation would work on creating the MSME corridor and facilitate the investments by MSMEs from India to Vietnam; in doing so would like to work closely with the Embassy of the Socialist Republic of Vietnam & other stakeholders”.
Mr Chau said “Vietnam is the most populous open economy with huge potential for medical investment and we are talking to Bharat biotech and serum institute to purchase vaccines for joint development for medication”.
Talking to the Indian investors, Mr. Raghu Narayanam, General Director TATA COFFEE Vietnam Company Limited said “the smooth connectivity between the industrial parks and the ports making the supply chain more efficient. We thank the Vietnamese Government authorities for their strong support.
Mr. Sanjay Jain, CFO & HR Head, Wipro Vietnam said, “Getting young and qualified skilled manpower is not an issue at all, this helps to recruit right talent for our business. Wipro Vietnam also has plans to expand its operation in future, owing to open and supportive policy of Vietnam government.
While Mr. Ravi Vajpeyi, Residential Director of HCL in Vietnam talked about the burgeoning Information technology sector in Vietnam (approx. USD 11.5 billion 2019) and legions of strong IT talent pool making the HCL operations very efficient. Mr. Selvaraj Gopal from TAP international emphasized on strong textile industry in Vietnam which is expected to become USD 39 billion. He said that the availability of cheap labor and favorable laws helped him to expand his business.
Vishwas Saraswat, founder and Director of Leaps and Bounds Consulting said “given the current Covid situation, Vietnam government is doing an excellent job and infact last year the country GDP grew by 2.91% despite of turmoil in the global economy due to Covid 19. Factors like stable government, strong qualified young population, competitive tax benefits, robust infrastructures are the making Vietnam a perfect destination for investors in India. He also talked about Vietnam open market policy with14 plus FTAs (free trade agreements) which Vietnam has signed as it will surly provide bigger markets to investors especially those are willing to step a manufacturing unit to exports. Talking about the numbers, he said currently India is 26th investment partner of Vietnam with approx. USD 2 billion.