The Hindu : Business : Vietnam PM supports India’s ‘Look East’ policy

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Friday, Jul 06, 2007
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Vietnam PM supports India’s ‘Look East’ policy

Staff Correspondent

MoU signed to form Vietnam-India Business Forum

— Photo: Paul Noronha

STRENGTHENING COOPERATION: Nguyen Tan Dung, Prime Minister, Socialist Republic of Vietnam at the India-Vietnam Business Forum in Mumbai on Thursday.

MUMBAI: India is among the top ten investor countries in Vietnam but still Indian investments in Vietnam were lower than potential, according to Nguyen Tan Dung, Prime Minister of the Socialist Republic of Vietnam.

Addressing a function organised by the Confederation of Indian Industry (CII) and Vietnam Chamber of Commerce and Industry (VCCI), the Vietnamese premier, while acknowledging the investments made by the Tatas and the Essar Group in Vietnam, said his visit was aimed at consolidating the existing relationship between India and Vietnam by continuing to work together, as also to ensure that the relationship remains strong and vibrant in the future.

The Vietnamese prime minister was supportive of India’s ‘Look East’ policy and India’s engagement with ASEAN of which even Vietnam was a member. He assured India of full support from Vietnam in its negotiations with ASEAN regarding a Free Trade Agreement (FTA). Vietnam was also open to a bilateral FTA with India, the Prime Minister added.

Syamal Gupta, Member, CII National Council and Chairman, Tata International, said although Vietnam was a late entrant to the global economy as compared to other Southeast Asian countries, its progress was impressive. Its economy has grown from $45 billion in 2004 to $60 billion last year.

Annual exports have reached $40 billion and foreign direct investment (FDI) commitments were $10 billion in 2006. “Vietnam has become Asia’s second fastest growing economy,” he said.

Mr. Gupta and Vu Tien Loc, Chairman and President of VCCI, signed a memorandum of understanding in the presence of the Vietnamese Prime Minister to facilitate and strengthen trade and investment between the two countries.

The MoU aims to further cooperation to improve and expand trade, investment, technology cooperation and will pursue the establishment of the ‘Vietnam-India Business Forum’ to create a permanent vehicle for promoting bilateral cooperation.

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