India’s Gujarat State seeking Vietnamese investors

Vietnam is a key pillar in India’s Look East policy and the Indian Ocean - Pacific Vision. Economic cooperation is also one of the key pillars in the Comprehensive Strategic Partnership between the two countries . The governments of both are making every effort to further promote long-term cooperation in the fields of investment and trade, Mr. Subhash Prasad Gupta, Deputy Ambassador of India to Vietnam, told the gathering in Hanoi on October 2 to promote the Vibrant Gujarat Global Summit 2024 and boost interaction with businesses.

According to the Deputy Ambassador, two-way trade turnover exceeded $15 billion in 2022. Including investment via a third country, total Indian investment in Vietnam stands at over $2 billion. Indian businesses invest mainly in the fields of energy, mineral processing, agricultural processing, chemicals, information technology, and petroleum. Vietnamese investment in India, meanwhile, remains quite limited and is mainly in pharmaceuticals, information technology, and construction materials.

India and Vietnam have both experienced rapid economic growth over recent years. This is one of the important factors in further promoting economic cooperation between the two, Deputy Ambassador Gupta noted. At a recent meeting between the two foreign ministers, they agreed to further promote cooperation in the field of economics and trade. Areas in which the two leaders agreed to enhance cooperation include infrastructure, technology, manufacturing, information technology, renewable energy, new energy, aquaculture, tourism, digital transformation, and electric vehicles, among others.

“In addition to the good cooperation between the governments of the two countries, we believe that good partnerships between Indian states and Vietnamese localities will be one of the key factors to promote economic cooperation between the two countries,” the Deputy Ambassador said. “The visit by the delegation from Gujarat State to Vietnam is a good opportunity to promote the relationship between Vietnamese businesses and Gujarat. I would like to invite Vietnamese friends and businesses to participate in the 10th edition of the Vibrant Gujarat Global Summit, which will take place in early 2024.”

Established in 2003 under the strategic vision of the Indian Prime Minister Narendra Modi, who at the time was the Chief Minister of Gujarat, the Vibrant Gujarat Summit has now evolved into a prestigious global forum, supporting business connectivity, knowledge sharing, and strategic partnerships to promote comprehensive growth and sustainable development.

The tenth edition of the Summit will officially commence on January 10 and feature a series of programs on January 11 and 12. It will bring together national leaders and leading domestic and international business leaders, policymakers, economists, multilateral organizations, scholars, and reformers from around the world.

Located in Western India, the state of Gujarat boasts strong and diverse physical and social infrastructure. It contributes 8.3 per cent to India’s GDP, with gross regional domestic product (GRDP) of $282 billion. In terms of investment, Gujarat attracted $55 billion in foreign investment from 2000 to 2022. It also accounts for 37 per cent of Indian manufacturing and 33 per cent of total exports. Successful investments over the past 20 years in Gujarat, recognized as one of the most efficiently operating states in India, will undoubtedly make investors note the opportunities to invest in this promised land.