The Hindu Business Line : Vietnam PM urges greater trade ties with India

Forging ties: The Minister of State for External Affairs, Mr Anand Sharma, with the Prime Minister of Vietnam, Mr Nguyen Tan Dung, at the India-Vietnam Business Forum for Strategic Partnership meeting in the capital on Friday.

Our Bureau

New Delhi, July 6 The Prime Minister of Vietnam, Mr Nguyen Tan Dung, who is on a three-day visit to India, called for a greater trade and economic relation between the two countries.

“Vietnam will create favourable environment for Indian companies to do business and investment as India has become one of the top investors in the country,” said Mr Nguyen Tan Dung, while speaking at a meeting in the Capital on Friday.

The bilateral trade between the two countries stood at $1billion last year. “Between 2001 and 2006, the bilateral trade increased by 20-30 per cent every year to reach $1 billion last year,” he said.

“Vietnam wants to find out ways to elevate the traditional relationship with India to a comprehensive strategic partnership in science, technology and education for the sustainable development of the people of both countries,” added Mr Dung.

FDI inflow

Vietnam supports India’s policies on ASEAN and is keen to work closely with India to promote foreign direct investment from India, he said. Inviting the Indian companies to do business in Vietnam, Mr Dung said, “Political and social stability of Vietnam will ensure stable business conditions for Indian companies to do business”.

The Minister of State for External Affairs, Mr Anand Sharma, favoured trebling the $1-billion bilateral trade in the next five years.

India’s relation with Vietnam has risen to strategic level of co-operation in economic, defence and security in the Asian region, said Mr Sharma.

“Both the countries need to accelerate the rate of growth and development should reach the people who could not access the level of sustenance,” he said.

The meeting was organised by industry chambers CII, FICCI and Assocham, and the Vietnam Chamber of Commerce and Industry.

Market economy status

Earlier in the day, the Deputy Trade Minister of Vietnam, Mr Nguyen Danh Vinh, requested India to grant market economy status under the World Trade Organisation mechanism and stated that its economy is well qualified for the same.

The request was communicated by Mr Nguyen Danh Vinh during his meeting with Dr Ashwani Kumar, Minister of State for Industry, here today.

Dr Kumar informed the Vietnamese delegation that a decision on this issue would require a thorough examination at various levels.

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